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Tuesday, 27 April 2010 23:28

UFXBank Daily Review - April 27, 2010

Written by ForexCult Team
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 USD Dollar (USD) – The Dollar weakened versus most majors as investors became more optimistic regarding the future of the Euro zone as a result of more developments on the Greek bailout plan. NASDAQ declined by -0.28% and Dow Jones finished unchanged on a choppy trading day. Crude Oil weakened by -1.4% closing at 83.97$ a barrel. Gold (XAU) remained almost unchanged closing at 1,153.4$ an ounce. Today, CB Consumer Confidence is expected stronger with 53.6 versus 52.5 prior. Fed Chairman Bernanke is due to testify in Washington.

EURO (EUR) –The Euro gained versus the Dollar and was little changed versus the other majors as traders await more announcements regarding Greece's bailout. Overall, EUR/USD traded with a low of 1.3291 and a high of 1.3416. EUR/USD is still trading beneath its 50 day MA and is likely to struggle with the 1.35 resistance. Today, ECB President Trichet will speak in Chicago.

EUR/USD - Last:  1.3375


Resistance 1.3420    1.3515   

Support 1.3290    1.3270    1.3205


British Pound (GBP) – The Pound gained versus the Dollar and 12 more majors after U.K house prices climbed in April for the 9th straight month, showing the recovery is gaining strength. Overall, GBP/USD traded with a low of 1.5386 and a high of 1.5498. As long as GBP/USD keeps trading above the 50 day moving average the momentum is bullish. Today, CBI Realized Sales is expected stronger with 16 versus 13 prior. BBA Mortgage Approvals are expected stronger with 39.3K versus 35.3K prior.

GBP/USD - Last:  1.5435

Resistance 1.5485    1.55   

Support 1.5425    1.5335    1.5295



Japanese Yen (JPY) –The Yen gained slightly versus the Dollar after earlier trading near its 3 week low as Greece's bailout assumptions continue. Overall, USD/JPY traded with a low of 93.81 and a high of 94.35. USD/JPY has turned downwards after not being able to cross above the 94.35 resistance. As long as the pair continues to trade above the 93 level it is still in bullish momentum. Today, Retail Sales are expected with 3.7% versus 4.2% prior.

USD/JPY-Last: 93.85

Resistance 94.35    94.70   

Support 93.6    93.25    93



Canadian Dollar (CAD) – The Canadian Dollar weakened slightly as no economic data was released and Crude prices declined. Overall, USD/CAD traded with a low of 0.9971 and a high of 1.0023. USD/CAD continues to trade around the parity level around parity at 1.00 and could head higher if unable to make new lows. Today, BOC Governor Carney will testify in Ottawa.

USD/CAD - Last:  1.0005

Resistance 1.0040    1.0065    1.01

Support 0.9960    0.9930



Last modified on Monday, 03 May 2010 23:47

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Interview with Matthew Sheppard

Senior Forex Advisor at XForex

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