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Article » UFXBank Daily Review - May 18, 2010
UFXBank Daily Review - May 18, 2010
May 18 2010, 03:12

Daily Review 18/5/2010

USD Dollar (USD) – The Dollar finished almost unchanged versus most majors as equity markets gained back slightly after Friday's sharp declines. TIC Long-Term Purchases reached its record highs since November, as investors from China to the U.K purchased more U.S treasuries. NASDAQ and Dow Jones gained by 0.31% and 0.05% respectively. Crude Oil fell by -2% closing at 70.50$ a barrel on fears that financial troubles will turn into growth problems. Gold (XAU) declined by -0.7% closing at 1,224$ an ounce. Today, Building Permits are expected unchanged with 0.68M and PPI is expected with 0.1% versus 0.7% prior.

The Euro remained unchanged versus the Dollar after earlier touching its lowest levels in 4 years. Concerns that European austerity measures will undermine the region's growth and concerns that the EU may be disintegrated left the Euro at low levels near 1.24. Overall, EUR/USD traded with a low of 1.2234 and a high of 1.2414. EUR/USD main trend is downwards. Oversold Daily RSI conditions could suggest a retracement is near. Today, German ZEW Economic Sentiment is expected lower with 47.1 versus 53 prior. CPI is expected unchanged with 1.5%.

EUR/USD - Last:  1.2345

Resistance    1.2440    1.2535    

Support    1.2250    1.22    


British Pound (GBP) – The Pound remained almost unchanged versus the Dollar after touching its 1 year lows earlier in the session. Inflation Letter today is likely to show accelerated inflation, due to higher energy costs and weaker Pound. Overall, GBP/USD traded with a low of 1.4249 and a high of 1.4509. GBP/USD is still on a downtrend and as long as the pair is below the 1.47 level and the 50 day moving averages it remains bearish. Today, CPI is expected with 3.5% versus 3.4% prior. BOE Inflation Letter will be released.

GBP/USD - Last:  1.4445

Resistance    1.45    1.4655    1.48

Support    1.4350    1.4250    



Japanese Yen (JPY) –The Yen weakened versus the Dollar and the other majors as equity markets gained back slightly after Friday's sharp declines. Tertiary Industry Activity came out weaker with -3% versus -1.3% expected. Overall, USD/JPY traded with a low of 91.76 and a high of 92.69. USD/JPY gained support from the 100 and 200 daily moving averages and could head higher toward the 93.50 and 94 resistances. No major economic data expected today.

USD/JPY-Last: 92.50    

    92.70    93.10    93.65

Support    91.75    90.85    



Canadian Dollar (CAD) – The Canadian Dollar reached a one week low versus the Dollar as Crude prices continued dropping amid concerns Europe's austerity measures will hurt demand for Crude. Overall, USD/CAD traded with a low of 1.0308 and a high of 1.0438. USD/CAD continues upwards after touching the 78.60% Fibonacci retracement of the upward movement it started in mid April. The pair is located near its 200 day moving average which is likely to act as a resistance and detain the pair's upward movement. Today, Foreign Securities Purchases are expected with 6.42B versus 6.72B prior.  

Last:  1.0330    


Resistance    1.0440    1.0470    1.0550

Support    1.0310    1.0250    1.02


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with Matthew Sheppard
Senior Forex
Advisor at XForex

1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?
In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

3. What type of clients you deal with?
We deal with clients on all levels from the beginning stages to the more advanced trading levels.

4. Does most of your business activity come from the online or offline world?
Because of our high presence on the web, most of our business comes from the online world.

5. Why should a trader pick XForex from all forex brokers?
Aside from all the benefits that XForex offer like commission-free trading, 24/7 online support, high leverage (200:1), XForex offers educational and learning trading experience that you won’t find anywhere else..
Our team of experts and financial trainers provide personal assistance and guide clients to financial success. We provide daily analysis and market reviews to our clients giving them a better understanding of the market and helping them trade profitably.

6. From your experience, what advice would you give a person who wants to enter the forex world?
My advice to the beginning trader entering the Forex world is as follows:
• Learn the market and understand what you’re getting into.
• Research and find the broker that suits your needs and wants. Look for a good offering but more importantly customer service, don’t go for the low rates offer without being certain they have a good customer service department. From my extensive experience in the Forex world your key to success will be your client-broker relationship. I can honestly say that at XForex they put an emphasis on servicing clients, which is so important.
• Invest smartly and calculate your risks
• Always know when to get out of a trade

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