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UFXBank Daily Review - June 8, 2010
Jun 08 2010, 04:15

Daily Review 8/6/2010

USD Dollar (USD) – The Dollar was little changed versus the majors on lack of major news in the Forex trading world. Stocks continued declining following Friday's weak NFP data and fears Europe's economic problems will slow global recovery. NASDAQ and Dow Jones fell by -2.04% and -1.16% respectively, reaching their lowest level in 7 months. Crude Oil declined by -0.66% closing at 71.04$ a barrel. Gold (XAU) gained by 1.90% closing at 1,239$ an ounce. Today, FOMC Member Hoenig will speak in Kansas City. 

EURO (EUR) - The Euro finished almost unchanged versus the Dollar after rising from its 4 year lows.  German Factory Orders came out better than expected causing stocks to fluctuate between gains and losses. Overall, EUR/USD traded with a low of 1.1876 and a high of 1.1991. EUR/USD continues moving downwards along with its main trend. Daily RSI is slightly oversold. Today, German Industrial Production is expected with 0.7% versus 4% prior.

EUR/USD - Last:  1.1920

Resistance    1.1970    1.2025    1.2110

Support    1.1875    1.18   


British Pound (GBP) –
The Pound gained slightly versus the Dollar as no major news was released and Friday's NFP data and Europe's contagion fears continued. Overall, GBP/USD traded with a low of 1.4388 and a high of 1.4563. 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, Nationwide Consumer Confidence is expected stronger with 78 versus 74 prior.

GBP/USD - Last:  1.4480

Resistance    1.4560    1.4610   

Support    1.4450    1.4390    1.4350


Japanese Yen (JPY) –The Yen continued gaining versus the Dollar after Friday's weaker than expected NFP data effects 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 90.97 and a high of 92.08. 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, Core Machinery Orders are expected with 1.2% versus 5.4% prior. 

USD/JPY-Last: 91.55   

Resistance    92.10    92.90   

Support    91.25    90.95    90.60


Canadian Dollar (CAD) – The Canadian Dollar gained versus the Dollar for the first time in 3 days after NFP's effect waned slightly and investors focused on stronger employment and growth in Canada. The Canadian Dollar is now linked to commodities and also considered as a haven due to its strong economy. Overall, USD/CAD traded with a low of 1.0515 and a high of 1.0679. USD/CAD declined yesterday but was still unable to remain at its lows showing buyers are still in control. Today, Housing Starts are expected slightly higher with 203K versus 201K prior. 

Last:  1.0585   


Resistance    1.0620    1.0680    1.0720

Support    1.0515    1.0460    1.0395



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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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