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UFXBank Daily Review - March 31, 2010

Written by ForexCult Team
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Daily Review 31/3/2010

USD Dollar (USD) – The Dollar gained versus the Euro and the Yen and weakened versus the Pound after better than expected Consumer Confidence gave a positive tone for the Dollar. NASDAQ and Dow Jones gained by 0.26% and 0.11% respectively after strong earnings from Apple and Verizon. Crude Oil gained by 0.54% closing at 82.61$ a barrel. Gold (XAU) weakened by -0.65% closing at 1,102.8$ an ounce. Today, ADP Non Farm Employment Change is expected positive with 40K versus -20K prior. Factory Orders are expected with 0.5% versus 1.7% prior. Crude Oil Inventories are expected with 2.4M versus 7.3M prior.

EURO (EUR) –The Euro weakened versus the Dollar after Greece's 7 year bonds fell as the government struggles to fund itself. Fitch Ratings left France's AAA credit rating unchanged, saying their outlook for France is stable. Overall, EUR/USD traded with a low of 1.3395 and a high of 1.3537. EUR/USD main trend is downwards and faces many resistance levels above. The Fibonacci retracement resistances are at 1.3477, 1.3542 and 1.3607. German Unemployment Change is expected with 10K versus 7K prior. CPI Flash Estimate is expected with 1.1% versus 0.9% prior. Unemployment Rate is expected worse with 10% versus 9.9% prior. 
EUR/USD - Last:  1.3415

Resistance    1.3480    1.35    1.3542
Support    1.3395    1.3375    1.3345


British Pound (GBP) &ndash

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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.
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