• Trade Now
Monday, 19 April 2010 23:49

UFXBank Daily Review - April 19, 2010

Written by ForexCult Team
Rate this item
(0 votes)
USD Dollar (USD) – The Dollar strengthened against most majors after news on Friday that Goldman Sachs has been charged with fraud by Securities and Exchange Commission caused an immediate fall in stocks and commodities, thus spearing investors to buy the Dollar as a refuge. NASDAQ and Dow Jones weakened by 1.37% and 1.13% respectively. Crude oil fell by 2.4% closing at 84.6$ a barrel and Gold (XAU) also dropped by 2.0% closing at 1136.9$ an ounce. Today, Fed Chairman Bernanke Speaks.
EURO (EUR) – The Euro weakened against the Dollar on speculation that Goldman Sachs will be charged with fraud. European CPI that came worse than expected at 1.4% vs. 1.5% also helped the momentum and lead investors to sell the Euro versus the Dollar.  The main resistance is located at 1.3500. As long as it trades below this level the momentum is bearish. Overall, EUR/USD traded with a low of 1.3472 and with a high of 1.3566.

EUR/USD – Last: 1.3451

1.3510    1.3565    1.3695

Support 1.3440    1.3360    1.3340


British Pound (GBP) – The Pound fell against the Dollar after the investigation of Goldman Sachs Group which brought investor to buy the Dollar as a refuge. The GBP/USD has broken the main support at 1.5350 levels and crossed downwards the 10 moving average therefore the momentum is bearish. Overall, GBP/USD traded with a low of 1.5360 and with a high of 1.5474.

GBP/USD - Last: 1.5250

Resistance 1.5310    1.5450    1.5525

Support 1.5240


Japanese Yen (JPY) –The Yen strengthened against all majors as speculation China may take further steps to slow its economy and Greece may trigger a $61 billion rescue package spurred demand for relative safety. As long the USD/JPY traded below 92.20 a short positions is preferred. Overall, USD/JPY traded with a low of 91.90 and with a high of 93.93.12.

USD/JPY-Last: 92.06

Resistance 92.55    93.50    93.70

Support 91.80


Canadian dollar (CAD) – The Canadian Dollar dropped the most in seven weeks versus the Dollar as stocks tumbled after the Securities and Exchange Commission sued Goldman Sachs Group Inc. USD/CAD has broken the resistance at  1.0100 as long it trades above this level a long positions is preferred. Overall, USD/CAD traded with a low of 1.0003 and with a high of 1.0164. Today, Foreign Securities Purchases are expected to weak from 11.83B to 8.65B.

USD/CAD - Last: 1.0161

Resistance 1.0165       

Support 1.0088    1.0000    0.9950

Last modified on Monday, 03 May 2010 23:51

Image Gallery


Add comment

Currency converter


Which is the Best Forex Broker you have traded with?

Interview 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.

Broker of the Month

5_small_logoUFXBank provide up-to-date charts and news feeds, coupled with an easily navigated trading platform. UFXBank traders can access the biggest market in the world 24 hours a day with ease.

By keeping their platform, site and deposit process simple, safe and secure, UFXBank have become the web’s premier online forex trader.