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UFXBank Daily Review - June 7, 2010
Jun 07 2010, 07:22

Daily Review 7/6/2010

USD Dollar (USD) – The Dollar gained versus all majors except the Yen as stocks fell over renewed concerns about contagion in Europe and weaker than expected Non Farm Payrolls data. Non Farm Employment Change came out with 431K less than 521K expected. Unemployment Rate came out 9.7% better than 9.8% expected, but was overshadowed by the week employment data. NASDAQ and Dow Jones fell by -3.64% and -3.15% respectively. Crude Oil fell by -5.8% closing at 71.10$ a barrel. Gold (XAU) gained by 1.07% closing at 1,219$ an ounce. Today, Fed Chairman Bernanke will speak in Washington DC.

- The Euro fell to fresh 4 year lows versus the Dollar over concerns the growing debt crisis will slow global growth. Officials from Hungary commented that the country is in grave economic conditions that might lead her to default. Hungary is a member of the EU despite the fact that it is using Forints as a currency and a bailout by the EU is possible. Overall, EUR/USD traded with a low of 1.1955 and a high of 1.2216. EUR/USD continues moving downwards strongly along with its main trend. Daily RSI is slightly oversold. Today, German Factory Orders are expected weaker with -0.1% versus 5% prior.

EUR/USD - Last:  1.1909

Resistance    1.1970    1.2025    1.2110

Support    1.1880    1.18 


British Pound (GBP) – The Pound fell versus the Dollar as Europe's debt crisis has spread to Hungary and U.S NFP came out weaker than expected. Declines in equity markets around the world led risk appetite lower and raised demand for safety. Overall, GBP/USD traded with a low of 1.4440 and a high of 1.4682. GBP/USD fell back downwards after reaching the first Fibonacci retracement of 38.2% of the downtrend which started in April. The major trend is bearish. Today, BRC Retail Sales Monitor will be released.

- Last:  1.4425

Resistance    1.4450    1.4550    1.4610

Support    1.4390    1.4350


Japanese Yen (JPY) –The Yen gained versus the Dollar after weaker than expected NFP data sent stocks lower and raised risk aversion and the demand for the Yen as a safe Haven. Overall, USD/JPY traded with a low of 91.41 and a high of 92.88. USD/JPY is moving downwards after it wasn't able to move above the 61.8% Fibonacci retracement of the downward movement which started in early May. Today, Leading Indicators are expected with 102.8% versus 102.7% prior. 

USD/JPY - Last: 91.20   

Resistance    91.40    92.05    92.90

Support    91    90.60   


Canadian Dollar (CAD) – The Canadian Dollar fell versus the Dollar as Crude weakened following weak economic data and more fears of slow growth. Overall, USD/CAD traded with a low of 1.0344 and a high of 1.0626. USD/CAD rose after touching the 50% Fibonacci retracement of the uptrend that started in mid April. Today, BOC Governor Carney will speak.

USD/CAD - Last:  1.0675   


Resistance    1.0720    1.0780   

Support    1.06    1.0560    1.0475


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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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