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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

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British Pound (GBP) &ndash