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Thursday, 29 July 2010 14:03

Forex Daily News: July 29, 2010 - Majors End Mixed

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar was mixed against other major currencies in Forex Trading after worse than expected U.S. data on durable goods orders that came at -0.6% vs. 0.6% forecast, leaving traders clueless of the market direction. The NASDAQ and Dow Jones declined by 1.04% and 0.38% respectively. Crude oil weakened by 0.7% closing at $77 a barrel. Gold (XAU) strengthened by 0.2% closing at $1160.4 an ounce. Today, Unemployment Claims are expected to weaken from 464K to 457K.

EURO (EUR) – The Euro traded on a narrow range versus the Dollar for the second consecutive day as traders continued to digest the recent stress tests results. The main resistance of the EUR/USD on the daily chart is 1.3050. If the pair trades above this level, the momentum continues to be bullish. The main support on the daily chart is located at 1.2700. Overall, EUR/USD traded with a low of 1.2966 and with a high of 1.3042. Today, German Unemployment Change is expected at -18K vs. -21K prior.

EUR/USD – Last: 1.2998

Resistance

1.3017

1.3045

 

Support

1.2952

1.2877

1.2793

 

British Pound (GBP) – The Pound closed almost unchanged versus the Dollar after touching the highest rate in 5 months during the session due to bad economic data like the durable goods orders in the US which fell more than expected. The main support of the GBP/USD on the one hour chart is 1.5430, if the price trades below this level the momentum will be bearish, the next resistance on the daily chart is 1.5675. Overall, GBP/USD traded with a low of 1.5544 and with a high of 1.5638. Today, Nationwide HPI is expected at -0.2% vs. 0.1% prior.

GBP/USD - Last: 1.5603

Resistance

1.5638

 

 

Support

1.5544

1.5442

1.5348

 

Japanese Yen (JPY) –The Yen strengthened versus the Dollar as orders for U.S. durable goods unexpectedly fell last month and the Federal Reserve said economic growth slowed in some areas. Retail Sales came out at 3.2% vs. 3.3% forecast. The main resistance of the USD/JPY on the daily chart is 89.20 level ,as long it's trading below this level a short position is preferred, the next support is located at 86.20. Overall, USD/JPY traded with a low of 87.25 and with a high of 88.11.

USD/JPY-Last: 87.15

Resistance

87.71

88.11

 

Support

86.82

86.34

 

 

Canadian dollar (CAD) – The Canadian Dollar weakened against the Dollar after a drop in crude oil prices increased speculation that demand will wane for currencies of nations that are dependent on commodities for growth. As long the USD/CAD is below 1.0450 levels, the momentum is bearish. The next support is located at 1.0240. Overall, USD/CAD traded with a low of 1.0298 and with a high of 1.0390.

USD/CAD - Last: 1.0363

Resistance

1.0395

1.0440

1.0505

Support

1.0300

1.0255

 

Last modified on Thursday, 16 September 2010 23:11
More in this category: USD Vulnerabilities »

4 comments

  • Comment Link forexMonday, 29 November 2010 13:27 posted by forex

    careful to avoid damaging foreign exchange forex trading case endex

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  • Comment Link noticias forexMonday, 08 November 2010 01:22 posted by noticias forex

    no ablo ingles pero me gusto tu blog demasiado

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  • Comment Link شاتFriday, 29 October 2010 13:25 posted by شات

    GooD Mstaer

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  • Comment Link دردشة عراقيةFriday, 29 October 2010 13:22 posted by دردشة عراقية

    Tnkiu mastar

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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..

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  • 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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