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Forex Daily News | Forex Articles | Forex Information
Tuesday, 09 November 2010 12:29

EUR/CHF: the cross has finally managed a close back

Contributed By: DailyFx

EUR/CHF:The market could finally have found a major base by the recently set record lows at 1.2765, with weekly and monthly studies starting to correct. The cross has finally managed a close back above some major falling trend-line resistance from May to further encourage the prospects for a shift in the trend and additional recovery over the coming weeks. Next key resistance comes in by 1.3925, while current setbacks should be very well supported ahead of 1.3300.

Published in Forex News
Tuesday, 09 November 2010 09:36

UFXBank Forex Outlook: Dollar Continues to Advance

USD Dollar (USD) – The Dollar continues to advance versus the other major currencies in Forex trading, after Friday’s better than expected U.S. jobs data eased pressure on the Dollar in the wake of the Federal Reserve’s asset purchase plan announcement. The NASDAQ fluctuated around zero and the Dow Jones decreased by 0.33%. Crude oil strengthened by 0.2%, closing at $ 87.06 a barrel, the highest price in two years. Gold (XAU) rose by 0.4%, closing at $1403.20 an ounce, a new historic record. No major news is expected today.

Euro (EUR) – The Euro fell for a second day versus the Dollar amid concern that some governments in the region will struggle to pay their debt, curbing demand for European assets. The EUR/USD has broken the 1.4000 level and has been trading below it since yesterday. As long as the price is below this level, a short position is preferred. Overall, EUR/USD traded with a low of 1.3887 and with a high of 1.4085. Today, German Final CPI is expected to remain at 0.1%.

EUR/USD – Last: 1.3861

Resistance

1.3925

1.3980

1.4085

Support

1.3850

British Pound (GBP) – The Pound was down against the Dollar, falling to a 2 day low as the Dollar recovered ground on the back of Friday’s data .The main momentum of the GBP/USD is absolutely bullish, although it has fallen in the last two days. As long the price is trading above 1.6080 level and above the 10 moving average, a long position is preferred. Overall, GBP/USD traded with a low of 1.6104 and with a high of 1.6213. Today, Manufacturing Production is expected to remain at 0.30%, trade balance is expected at - 7.90B vs. -8.20B prior.

GBP/USD - Last: 1.6131

Resistance

1.6165

1.6210

1.6260

Support

1.6100

1.6065

1.6000

Japanese Yen (JPY) –The Yen fluctuated against the Dollar after the Bank of Japan said that there were signs of a moderate recovery in Japan’s economy which led investors to prefer the Japanese stock market. The USD/JPY continues to trade around the 80.00-81.00 area. The main support line on the daily chart is still located at 80.00, and the momentum is still bearish as long it‘s trading below the 82.00 level. Overall, USD/JPY traded with a low of 81.00 and with a high of 81.43. No economic data expected today.

USD/JPY-Last: 80.93

Resistance

81.00

81.25

81.50

Support

80.60

80.45

Canadian dollar (CAD) – The Canadian Dollar weakened versus the Dollar as the Dollar rallied against most major currencies on reduced demand for assets related to economic growth. The Canadian housing starts fell more than expected (168K vs. 181K), which supported a weaker Canadian dollar. The support level of the USD/CAD on the four hour chart is located at 0.9980, and if the USD/CAD breaks below this level, a short position is preferred and the momentum continues to be positive for the Canadian Dollar. Overall, USD/CAD traded with a low of 0.9994 and with a high of 1.0055. Today, BOC Gov Carney Speaks.

USD/CAD - Last: 1.0042

Resistance

1.0055

1.0100

1.0160

Support

1.0010

0.9990

 

 

 

Published in Forex Articles
Monday, 08 November 2010 06:34

Euro Reverses from Former Congestion Zone

Contributed By: DailyFx

Euro_Reverses_from_Former_Congestion_Zone

The EURUSD has reversed after entering the congestion area from January of this year. The congestion area is 14215-14580 (2010 high to date). Near term, the decline appears impulsive and near term support is 13850 and 13800. I favor short positions on rallies. 14000 and 14100 (former supports) are now resistance.

Published in Forex News

USD Dollar (USD) – The Dollar strengthened versus most of the major currencies after U.S. nonfarm payrolls rose more than expected last month (151K vs. 63K forecast) and caused big movements on the pairs. There were also declarations from Bernanke regarding inflation, in which it is expected to be kept low and stable, supported by a stronger Dollar. The NASDAQ and Dow Jones increased a by 0.06% and 0.08% respectively. Crude oil strengthened by 0.5%, closing at $86.91 a barrel, the highest price in two years. Gold (XAU) rose by 1.1%, closing at $1397.70 an ounce, a new historic record. Today, FOMC Member Bullard and Warsh will Speak.

Euro (EUR) – The Euro weakened versus the Dollar after Retail Sales dropped 0.2% in September (-0.2% vs. 0.3% forecast) and positive payrolls data which came from the US, supported a stronger Dollar. The EUR/USD has a strong upwards trend, and as long as the price is above the 10 moving average and shows a positive RSI, a long position is preferred. If the pair breaks below the 1.3980 level, the price could decrease to 1.3900. Overall, EUR/USD traded with a low of 1.4024 and with a high of 1.4230. Today, German Industrial Production is expected to decline from 1.70% to 0.40%.

EUR/USD – Last: 1.3944

Resistance

1.4085

1.4200

1.4285

Support

1.3865

1.3800

British Pound (GBP) – The Pound declined from near a ten month high in Forex trading versus the Dollar as a government report showed U.S. employers added more jobs than forecast last month and declarations from Bernanke about lower inflation expectations, led investors to prefer the Dollar instead of the Pound. The momentum of the GBP/USD is absolutely bullish, and as long as the price is trading above 1.6100 levels and above the 10 moving average, a long position is preferred. Overall, GBP/USD traded with a low of 1.6166 and with a high of 1.6279. No economic data is expected today.

GBP/USD - Last: 1.6120

Resistance

1.6215

1.6300

Support

1.6080

1.5960

1.5875

Japanese Yen (JPY) –The Yen was weak versus the Dollar after very good data from the US supported a stronger Dollar, drifting the Yen as well. The USD/JPY has been trading around 80.00-81.00 area. In the last few days, the main support line on the daily chart is still located at 80.00, and the momentum is still bearish as long it‘s trading below the 82.00 level. Overall, USD/JPY traded with a low of 80.62 and with a high of 81.46. No economic data is expected today.

USD/JPY-Last: 81.22

Resistance

81.50

Support

81.10

80.75

80.50

Canadian dollar (CAD) – The Canadian Dollar erased an earlier loss versus the US Dollar on Friday as a report was released showing the U.S. added more jobs than forecast in October. In addition, the Unemployment Rate came out better than forecast (7.9 vs. 8.0), and Building Permits came out at 15.3% vs. 3.0% forecast, both supporting a stronger Canadian currency. The support level of the USD/CAD on the daily chart is located at 0.9980, and if the USD/CAD breaks below this level, a short position is preferred and the momentum continues to be positive for the Canadian Dollar. Overall, USD/CAD traded with a low of 0.9991 and with a high of 1.0089. Today, Housing Starts are expected at 181K vs. 186K prior.

USD/CAD - Last: 1.0019

Resistance

1.0090

1.0125

1.0200

Support

0.9990

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar fell sharply against the other major currencies in Forex trading after the Federal Reserve announced a fresh round of asset purchases to kick start a slow growing U.S. economy. Initial Unemployment Claims in U.S. increased more than forecast to 457,000 vs. 437K forecast succeeded to support a weaker Dollar. NASDAQ and Dow Jones strengthened by 1.46% and 1.96% respectively, crude oil jumped by 2.1%, closing at 86.5$ a barrel, Gold (XAU) accelerated by 3.4%, reached to a new historic record (above 1390$ during the session) , closing at 1383.1$ an ounce. Today, Nonfarm Payrolls is expected to be 45K vs. -95K prior, Unemployment Rate is expected to remain at 9.60%, Fed Chairman Bernanke Speaks.

Euro (EUR) – The Euro traded near a nine month high against the Dollar as speculation the global economic recovery is gaining traction damped demand for the US Dollar as a refuge. In addition, the interest rate remain unchanged at 1.0% . The EUR/USD has a strong upwards trend, as long the price is above the 10 moving average and shows a positive RSI a long position is preferred. Overall, EUR/USD traded with a low of 1.4102 and with a high of 1.4282. Today, Retail Sales are expected to become positive 0.10% vs. -0.40% prior, German Factory Orders are expected to decline from 3.40% to 0.50%.

EUR/USD – Last: 1.4194

Resistance

1.4280

Support

1.4185

1.4100

1.4000

British Pound (GBP) – The Pound was higher against the Dollar, touching a ten month record after the release of U.S. data on Initial Jobless Claims which drifting higher yielding assets, moreover, the interest rate remain unchanged at 0.5%. The momentum of the GBP/USD is absolutely bullish, as long the price is trading above 1.6100 level a long position is preferred. Overall, GBP/USD traded with a low of 1.6087 and with a high of 1.6299. Today, PPI Input is expected to rise from 0.70% to 0.90%.

GBP/USD - Last: 1.6258

Resistance

1.6300

Support

1.6155

1.5960

1.5875

Japanese Yen (JPY) –The Yen strengthened against the Dollar, following the Federal Reserve’s announcement of a second round of quantitative easing, also the Unemployment Claims data support a weaker Dollar during the session. moreover, the interest rate remain unchanged at 0.10%. The USD/JPY has been trading around 80.00-81.00 area in the last few days, the main support line on the daily chart is still located at 80.00, the momentum is still bearish as long it‘s trading below the 10 moving average and the 82.00 level. Overall, USD/JPY traded with a low of 80.58 and with a high of 81.22. No economic data expected today.

USD/JPY-Last: 80.82

Resistance

81.15

81.60

Support

80.55

80.20

Canadian dollar (CAD) – The Canadian Dollar continued to rise versus the Dollar as oil jumped and stocks increased, drifting the Canadian as well. Ivey PMI came out at 56.7 vs. 65.8 forecast. The support level of the USD/CAD on the daily chart is located at 1.0000, if the USD/CAD breakdown this level a short position is preferred and the momentum continues to be positive for the Canadian Dollar Overall, USD/CAD traded with a low of 1.0010 and with a high of 1.0097. Today, Employment Change is expected to rise from -6.6K to 10.0K, Unemployment Rate is expected to remain at 8.0%,Building Permits is expected at 3.40% vs. -9.20% prior.

USD/CAD - Last: 1.0030

Resistance

1.0050

1.0110

1.0160

Support

1.0010

 

 

 

Published in Forex Articles

USD Dollar (USD) – The Dollar fell against most major currencies in Forex trading as the Fed said it would buy $600 billion of Treasuries under a policy know as quantitative easing. This statement succeeded to drift the stock markets and higher yielding assets. In addition, Interest Rate remained at 0.25%, ADP Non Farm Employment Change came out better than expected at 43K vs. 21K forecast, and the ISM Non-Manufacturing PMI came out beating expectations at 54.3 vs. 53.5 forecast. The NASDAQ and Dow Jones advanced by 0.27% and 0.24% respectively. Crude oil strengthened by 1.0%, closing at $84.69 a barrel, Gold (XAU) decreased by 1.4%, closing at $1337.60 an ounce. Today, Unemployment Claims are expected at  437K vs. 434K prior, Nonfarm Productivity  is expected to become positive from -1.80% to 0.60%.

Euro (EUR) – The Euro rose to a nine month high versus the Dollar after the Federal Reserve said it will pump more money into the economy by boosting asset purchases to spur inflation and employment. The EUR/USD has a strong resistance at the 1.4050 - 1.4100 levels if it stays above this price, the momentum continues to be bullish. Overall, EUR/USD traded with a low of 1.3992 and with a high of 1.4191. Today, the Interest Rate Decision is expected to remain at 1.00%, and the ECB Press Conference will happen today.

EUR/USD – Last:

Resistance

Support

British Pound (GBP) – The Pound gained versus the Dollar and the Euro after a report showed that U.K. services growth unexpectedly accelerated in October (53.2 vs. 52.4 forecast), bolstering the view that the Bank of England will keep its policy unchanged tomorrow. The resistance of the GBP/USD on the daily chart is 1.6080, and as long as the pair is trading above this level, the momentum is bullish for the pound. Overall, GBP/USD traded with a low of 1.6007 and with a high of 1.6176. Today, the Interest Rate Decision is expected to remain at 0.50%, and Halifax HPI is expected to rise from -3.6% to 0.4%.

GBP/USD - Last:

Resistance

Support

Japanese Yen (JPY) –The Yen weakened from a near 15 year high against the Dollar as signs the worldwide economic recovery is gathering momentum boosted Asian shares, sapping demand for the Japanese currency as a refuge.  The USD/JPY has been trading around 80.00-81.00 area in the last few days. The main support line on the daily chart is located at 80.00, and the momentum is still bearish as long as it‘s trading below the 10 moving average and the 82.00 level. Overall, USD/JPY traded with a low of 80.60 and with a high of 81.58. No economic data is expected today.

USD/JPY-Last:

Resistance

Support

Canadian dollar (CAD) – The Canadian Dollar advanced for a fifth day as stocks rose following the Federal Reserve’s announcement of debt purchases, encouraging demand for assets related to economic growth. The support level of the USD/CAD on the daily chart is located at 1.0000, if the USD/CAD breakdown below this level, a short position is preferred and the momentum continues to be negative for the Dollar. Overall, USD/CAD traded with a low of 1.0045 and with a high of 1.0157. Today, Ivey PMI is expected at 69.70 vs. 70.30 prior.

USD/CAD - Last:

Resistance

Support

 

 

 

Published in Forex Articles
Wednesday, 03 November 2010 09:09

UFXBank Forex Outlook: GBP Down vs USD on PMI Data

USD Dollar (USD) – The Dollar traded mixed against the major currencies in Forex trading today. Investors are still waiting for the Interest Rate Decision today in the U.S, which is expected unchanged. The momentum is still bearish for the Dollar against most of the major currencies .The Stock Markets in the U.S. closed with the Dow Jones rising by 0.58% and the NASDAQ advancing by 1.14%. Crude Oil advanced by 1.2% against the dollar and closed at $83.90 a barrel, breaking a 6 month high. Gold (XAU) rose by 0.2% and closed at $1353.20 an ounce. Today, the Interest Rate Decision is expected unchanged at 0.25%, the ADP Nonfarm Employment Change (MoM) is expected at 25.00K vs. -39.00k previously, and the FOMC Statement is expected today.

Euro (EUR) – The Euro strengthened against the green back today after the German Manufacturing PMI came out at 56.60, better than the expected 56.10, and the Manufacturing PMI (MoM) came out at 54.60, better than the expected 54.10. Holding above the support level of 1.4000 will keep the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3881 and with a high of 1.4058. Today, no economic data is expected for the Euro.

EUR/USD – Last: 1.4010

Resistance

1.4050

1.4100


Support

1.3989

1.3938

1.3883

British Pound (GBP) – The Pound fell against the dollar after the Construction PMI came out at 51.60, worse than the expected 53.00, which means that construction growth slowed more than forecast in October. Holding the rate above 1.6000 will keep the momentum bullish for the pound. Overall, GBP/USD traded with a low of 1.5961 and with a high of 1.6080. Today, the Halifax House Price Index (MoM) is expected at 0.40% vs. -3.60% last time.

GBP/USD - Last: 1.6036

Resistance

1.6074


Support

1.5969

1.5885

1.5749

Japanese Yen (JPY) – The Japanese Yen fell against the Dollar and almost reached the 81.00 resistance level.  Traders may use the combination of the American vote and the holiday in Japan in order to push the pair below 80.00 Yen per Dollar. Overall, USD/JPY traded with a low of 80.46 and with a high of 80.96. No economic data is expected today.

USD/JPY-Last: 80.65

Resistance

80.96

81.35

81.60

Support

80.26

80.00


Canadian dollar (CAD) Canada’s dollar gained for the fourth day against the US Dollar and had the longest stretch for the last 5 months. Trading below 1.0094 will keep the momentum bearish for the pair. Overall, USD/CAD traded with a low of 1.0079 and with a high of 1.0135. Today, no economic data is expected.

USD/CAD - Last: 1.0083

Resistance

1.0121

1.0171

1.0259

Support

1.0000


 

Published in Forex Articles

Contributed By: DailyFx

The Australian Dollar has spiked higher following a surprise interest rate hike by the Reserve Bank of Australia. In particular, AUD/USD is approaching parity, a significant level which has acted as resistance for the pair since mid-October.

Australian_Dollar_Surges_Following_Surprise_RBA_Interest_Rate_Hike

The RBA has raised rates to 4.75 percent from 4.50 percent, where rates previously stood for six months. Markets were not expecting an interest rate hike at this meeting; overnight index swaps were implying only 28% chance of a hike, or equivalently, a 72% chance that rates would be held steady. Ironically, the situation was reversed at the prior meeting in October. At the time, markets were implying a 74% chance of a hike, but the RBA surprised with no hike.

Taking a look at the accompanying statement, the RBA noted that “the turmoil in financial markets earlier in the year has abated, though sentiment remains fragile.” The central bank was especially upbeat on the Australian economy, expecting “stronger private spending over the next couple of years, especially business investment.” But what really seemed to tip the scale in favor of a rate hike was the RBA’s belief that “inflation is likely to rise over the next few years.” All things considered, the bank felt that “early, modest tightening of monetary policy was prudent.”

Unsurprisingly, future interest rate hike expectations have risen substantially following the latest policy decision. Markets are now expecting 61 basis points of rate hikes over the next twelve months, which is on top of the 25 basis points we got today. Prior to the decision, only 44bp were expected, but that was excluding today’s 25bp.

Looking forward, it will be difficult to arrest the Australian Dollar’s advance as economic growth and interest rate differentials remain extremely supportive of the currency. The next big event risk is the highly-anticipated Federal Reserve policy decision. The risk to the Aussie is if the Fed comes out with a smaller-than-expected quantitative easing program. While it is difficult to gauge market expectations in this situation, market commentators have been bandying about a $500 billion figure. If the actual figure is substantially smaller than that, we may see a broad rally in the U.S. Dollar, which would have an adverse impact on AUD/USD. Otherwise, an outcome that is close to expectations will merely reinforce the extremely strong uptrend in the Australian Dollar.

Published in Forex News
Tuesday, 02 November 2010 08:44

UFXBank Forex Outlook: Pound Rises on PMI Info

USD Dollar (USD) – The Dollar traded mixed against the major currencies in Forex trading. The market will be unpredictable this week and we will see big movements at times, in very short periods, because we are still waiting for the FED meeting, the interest rate this decision, and the nonfarm pay rolls on Friday. The ISM Manufacturing Index came out at 56.90, better than the expected 53.60. The Stock Markets in the U.S. closed mixed with the Dow Jones rising 0.06% and the NASDAQ falling -0.10%. Crude Oil advanced by 1.9% against the dollar and closed at $82.95 a barrel. Gold (XAU) fell by 0.5% and closed at $1340 an ounce. Today, the Washington Post Consumer Confidence report is expected.

Euro (EUR) – The Euro weakened against the green back today after the ISM manufacturing Index came out at 56.90, better than the expected 53.60. Holding above the support level of 1.3930 keeps the momentum positive for the pair, and if the pair crosses the major resistance at 1.4004, it might reach the 1.4400 level in the next few days. Overall, EUR/USD traded with a low of 1.3864 and with a high of 1.4011. Today, German Manufacturing is expected unchanged at 56.10 and the Manufacturing PMI is also expected unchanged at 54.10.

EUR/USD – Last: 1.3933

Resistance

1.3990

1.4077


Support

1.3876

1.3808

British Pound (GBP) – The Pound gained against the dollar and was trading around the 1.6050 resistance level .The Manufacturing PMI came out at 54.90, better than the expected 53.00. Holding the rate above 1.6050 will keep the momentum bullish for the pound. Overall, GBP/USD traded with a low of 1.5989 and with a high of 1.6089. Today, the Construction PMI is expected at 53.00 vs. 53.80 previously.

GBP/USD - Last: 1.6061

Resistance

1.6088


Support

1.6044

1.5963

1.5885

Japanese Yen (JPY) – The Japanese Yen fell against the Dollar with the opening of the market early today in Asia.  The Monetary Base came out at 6.40%, better than the expected 5.60%. Trading above 80.50 will keep the momentum bullish for the Dollar. Overall, USD/JPY traded with a low of 80.33 and with a high of 81.43. No economic data is expected today.

USD/JPY-Last: 80.56

Resistance

80.68

81.06

81.34

Support

80.27



Canadian dollar (CAD) Canada’s dollar rose against the US Dollar  for a two week high, as the greenback is oversold before the meeting of the Fed this week. Trading below 1.0150 will keep the momentum bearish for the pair. Overall, USD/CAD traded with a low of 1.0125 and with a high of 1.0197. Today, no economic data is expected.

USD/CAD - Last: 1.0111

Resistance

1.0165

1.0204

1.0249

Support

1.0000


 

Published in Forex Articles

USD Dollar (USD) – The Dollar traded mixed with the majors currencies today. The GDP came out as expected at 2.00% and the Chicago PMI came out at 60.60, better than the expected 57.50. The Stock Markets in the U.S. closed mixed with the Dow Jones rising 0.04% and the NASDAQ unchanged. Crude Oil fell against the dollar and closed below $82 a barrel. Gold (XAU) advanced by $19.87 and closed at $1362 an ounce as investors chose to turn back to a safe haven, gold. Today, the price index is expected unchanged at 0.10% and the ISM Manufacturing Index is expected at 53.60 vs. 54.40 previously.

Euro (EUR) – The dollar fell for a third day against the euro in Forex trading on speculation that the Federal Reserve will take more credit-easing measures amid signs of a stagnant recovery in the world’s largest economy. The Dollar did, however, strengthen to 1.3900 with the opening of the Asian market at 08:03 Tokyo time. Holding above the support level of 1.3930 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.3957 and with a high of 1.3983. Today, no economic data is expected.

EUR/USD – Last: 1.3993

Resistance

1.4036

1.4077


Support

1.3934

1.3798

British Pound (GBP) – The Pound closed at almost the same rate as it had opened (last Friday). However, during the night it fell below the support level of 1.6000 and returned to trade around 1.6050 levels. Holding the rate above 1.6050 will keep the momentum bullish for the pound. The net lending to individuals came out 0.40B, worse than the expected 0.90B. Overall, GBP/USD traded with a low of 1.6022 and with a high of 1.6060. Today, the Manufacturing PMI is expected at 53.00 vs. 53.40 previously.

GBP/USD - Last: 1.6055

Resistance

1.6070


Support

1.5996

1.5750

1.5660

Japanese Yen (JPY) – The Japanese Yen weakened versus the Dollar with the opening of the market in Asia, earlier today. The Yen declined 0.8 percent reaching 81.40 per Dollar. Trading above 80.50 will keep the momentum bullish for the Dollar. Overall, USD/JPY traded with a low of 80.23 and with a high of 81.43. No economic data is expected today.

USD/JPY-Last: 80.52 

Resistance

80.86

81.08

81.44

Support

80.23



Canadian dollar (CAD) Canada’s dollar gained for a second consecutive month after the   Federal Reserve said that it  will spur global growth. The GDP came out at 0.30%, as expected.  Overall, USD/CAD traded with a low of 1.0180 and with a high of 1.0197. Today, no economic data is expected.

USD/CAD - Last: 1.0166

Resistance

1.0204

1.0243

1.0299

Support

1.0156


 

Published in UFX Bank Daily Review
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