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Forex Daily News | Forex Articles | Forex Information
Thursday, 23 September 2010 13:18

UFXBank Forex Outlook: Euro Extends Gains on USD

USD Dollar (USD) – The dollar continued to slump across the board in Forex Trading, following the FED's statement suggesting a further easing of monetary policy is in the works in order to help support the weakening economy. Stock Markets closed negative with the Dow Jones losing 0.2% and the NASDAQ falling by 0.63%. Crude Oil weakened by 0.3% and closed at $74.70 a barrel. Gold (XAU) traded at record high levels after it jumped by 1.4% and closed at $1292 an ounce. Today, the Initial Jobless Claims report is expected unchanged at 450K. The Existing Home Sales are expected at 4.04M vs. 3.83M previously.

EURO (EUR) – The Euro extended its rally against the dollar and reached a 5 month high. The Industrial New Orders, which came out at -2.4% - worse than the expected -1.2%, could not stop the positive wave in the euro. Breaching the 1.3440 resistance level might push the pair higher. Overall, EUR/USD traded with a low of 1.3246 and with a high of 1.3440. Today, the German Manufacturing PMI is expected at 57.8 vs. 58.2 previously. The Manufacturing PMI is expected at 54.6 vs. 55.1 previously.

EUR/USD – Last: 1.3394

Resistance

1.3440

Support

1.3360

1.3305

1.3240

British Pound (GBP) – The Pound gained versus the dollar following the main trend of dollar weakness in the markets, although it is not accelerating as strong as other currencies and it is still capped by sell orders that keep the pair below the 1.57 zone. Breaching the 1.5730 resistance level might push the pair higher. Overall, GBP/USD traded with a low of 1.5600 and with a high of 1.5714. Today, the BBA Mortgage Approvals are expected at 32.3K vs. 33.7k previously.

GBP/USD - Last: 1.5650

Resistance

1.5685

1.5730

Support

1.5600

1.5500


Japanese Yen (JPY) – The Yen gained versus the dollar for a second day but still the USD/JPY pair trading firmly above from its 15 year low level around the 83 zone. Trading above the support level of 83.80 keeps the momentum positive for the pair. Overall, USD/JPY traded with a low of 84.25 and with a high of 85.17. Today, Japanese banks will be closed in observance of Autumnal Equinox Day.

USD/JPY-Last: 84.62

Resistance

84.70

85.25

85.90 

Support

84.30

83.80

Canadian dollar (CAD) – Canada’s dollar managed to gain at the end of the day versus the U.S. dollar despite the disappointing macro data as the Core Retail Sales came out -0.4% worse than expected 0.5% and the Leading Index came out 0.5% worse than expected 0.6%. Holding above the support level of 1.0220 levels keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0283 and with a high of 1.0344. No economic data is expected today.

USD/CAD - Last: 1.0295

Resistance

1.0320

1.0350


Support

1.0270

1.0220

 

Published in Forex Articles
Wednesday, 22 September 2010 09:26

UFXBank Forex Outlook: Dollar Down on Fed Statements

USD Dollar (USD) – The Dollar was down against the other major currencies after the Federal Reserve said it’s willing to ease monetary policy further to bolster the U.S. economy. In addition, the interest rate stayed at 0.25% and the Housing Starts data increased in august (0.60M vs. 0.55M forecast), easing concerns that the recovery in the world’s largest economy may be stumbling.  The NASDAQ weakened by 0.28% and the Dow Jones fluctuated around 0, closing at + 0.07%. Crude oil weakened by 1.8%, closing at $73.50 per barrel. Gold (XAU) rose to another new record during the session (above 1290$), dropping some by the end, but still strengthening by 0.4% to close at $1283 an ounce. No major economic data is expected today.

EURO (EUR) – The Euro strengthened to a six week high against the Dollar as a result of statements by members of the Federal Reserve's Open Market Committee. The momentum of the EUR/USD is still bullish for the euro, and as long it is above the 1.3100 level, a long position is preferred. The next resistance line on the daily chart is 1.3340, and the 10 moving average supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3059 and with a high of 1.3286. Today, Industrial New Orders are expected to become negative from 2.5% prior to -1.20% forecast.

EUR/USD – Last: 1.3297

Resistance

1.3312

Support

1.3160

1.3030

1.2960

British Pound (GBP) – The Pound weakened versus the Dollar and Euro during the European Forex trading session, dropping against the Euro to the lowest level in two months, as a report showed the U.K.’s budget deficit widened more than forecast in August. At the end of the US session, the pound succeeded to rebound some versus the Dollar after the US Federal Reserve statements. The main support of the GBP/USD on the daily chart is still 1.5500, and if the pair goes below this rate, it will probably continue to decline. The resistance on the one hour chart is 1.5650, and if it goes above this line, it will continue to rise. Overall, the GBP/USD traded with a low of 1.5503 and with a high of 1.5644. Today, MPC Meeting Minutes will be released.

GBP/USD - Last: 1.5664

Resistance

1.5685

1.5730

Support

1.5600

1.5500

1.5430

Japanese Yen (JPY) –The Yen reached the strongest level against the Dollar since Sept. 15, as a result of the interest rate statement by U.S. Federal Reserve policy makers. The USD/JPY has been fluctuating the past few days. The support on the daily chart is 84.75, and if the pair goes below the support line, the trend will become bearish. Overall, USD/JPY traded with a low of 84.98 and with a high of 85.72. No economic data is expected today.

USD/JPY-Last: 84.87

Resistance

85.25

86.00

Support

84.70

Canadian dollar (CAD) – The Canadian Dollar rose against the US Dollar after the Federal Reserve said it is willing to ease monetary policy further to boost the economy, which increased demand for assets that benefit from global growth. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD below 1.0350 levels, a short position is preferred. The next support on the daily chart is located at 1.0200. Overall, USD/CAD traded with a low of 1.0216 and with a high of 1.0331. Today, Core Retail Sales are expected to rise from -0.5% to +0.4%, and the Leading Index is expected at 0.5% vs. 0.4% prior.

USD/CAD - Last: 1.0248

Resistance

1.0290

1.0320

1.0350

Support

1.0215

Published in Forex Articles
Tuesday, 21 September 2010 09:12

UFXBank Forex Outlook: Gold Hits Record High

USD Dollar (USD) – The Dollar was mixed against most other major currencies in Forex trading as stocks and commodities gained.  Industry data showed that U.S. builder confidence, in the market for newly built homes, remained at an 18-month low and boosted investor appetite for higher yielding currencies. The NASDAQ and Dow Jones rallied by 1.74% and 1.37%, respectively. Crude oil strengthened by 1.6%, closing at $74.80 a barrel. Gold (XAU) rose to a new record, strengthening by $3.30 per ounce, to close at $1280.80 an ounce. Today, the interest rate decision is expected to remain at 0.25%. Building Permits are expected to remain at 0.56M, FOMC Statement.

EURO (EUR) – The Euro closed almost unchanged versus the dollar after a quiet day of economic news in the US and European countries, which didn’t cause any movement on this symbol. The momentum of the EUR/USD is still bullish for the euro, as long it’s above 1.3000 levels, a long position is preferred. The RSI indicator is above 50, which supports an uptrend as well, and if the pair goes below the 1.3000, level it could decline to 1.2900. Overall, EUR/USD traded with a low of 1.3029 and with a high of 1.3121. No economic data is expected today.

EUR/USD – Last: 1.3094

Resistance

1.3120

1.3160

Support

1.3030

1.2830

1.2800

British Pound (GBP) – The Pound fell against the Euro and the Dollar on signs that the U.K.’s housing market has weakened. This threatens to undermine the country’s recovery from its deepest recession on record. The main support of the GBP/USD on the daily chart is 1.5500, and if the pair goes below this rate, it will probably continue to decline. Overall, GBP/USD traded with a low of 1.5536 and with a high of 1.5686. No major economic data is expected today.

GBP/USD - Last: 1.5584

Resistance

1.5680

1.5730

Support

1.5535

1.5490

1.5375

Japanese Yen (JPY) –The Yen traded in a very narrow range versus the Dollar, after the no serious news was released that could influence this pair. The USD/JPY has been fluctuating over the past few days. The resistance on the daily chart is 86.00, and only if the pair crosses the resistance line, will the trend continue with its bullish momentum. Overall, USD/JPY traded with a low of 85.51 and with a high of 85.80. No economic data is expected today.

USD/JPY-Last: 85.59

Resistance

85.85

Support

85.50

85.20

Canadian Dollar (CAD) – The Canadian Dollar gained versus the US Dollar for the first time in three days, as stocks and gold climbed, and investors sought higher-yielding assets. The momentum of the USD/CAD is still negative for the US Dollar, and as long as the USD/CAD is below the 1.0400 level, a short position is preferred. The next resistance on the one hour chart is located at 1.0350. Overall, USD/CAD traded with a low of 1.0261 and with a high of 1.0345. Today, Core CPI is expected to become +0.1% vs. -0.1% prior.

USD/CAD - Last: 1.0290

Resistance

1.0320

1.0350

Support

1.0265

1.0240

1.0215

Published in Forex Articles
Monday, 20 September 2010 09:04

UFXBank Forex Outlook: Drop in Oil Drops Looney

USD Dollar (USD) – The Dollar strengthened against most of the other major currencies as a correction of the last few days. Core CPI came out at 0% vs. 0.10% forecast, and Michigan Inflation Expectations came out at 2.20% vs. 2.70% forecast. NASDAQ and Dow Jones continued their uptrend for the third week in a row, closing at +0.5% and +0.1% respectively. Crude oil weakened for the fourth day in a row, falling by 1.2%, to close at $73.66 a barrel. Gold (XAU) rose to a new record high of $1282, strengthening by 2.9% comparing to last week, but finally closing at $1279 an ounce. Today no major reports are expected.

EURO (EUR) – The Euro continued to stay near 1.3000 levels in Forex trading, as it did in last week’s advance versus the Dollar. This occurred as risk appetite waned amid fresh fears over the euro zone sovereign debt crisis. The momentum of the EUR/USD is still bullish for the euro, and as long it’s above 1.3000 levels, a long position is preferred. Also, the CCI indicator is above +100, which supports an uptrend as well. Overall, EUR/USD traded with a low of 1.3031 and with a high of 1.3067. No major economic data is expected today.

EUR/USD – Last: 1.3071

Resistance

1.3159

Support

1.3031

1.2959

1.2829

British Pound (GBP) – The Pound continued to stay near its strongest level versus the US dollar in more than a month. The main resistance of the GBP/USD on the daily chart is 1.57, and if the pair crosses this rate, it will continue its upward trend. If not, we could see the pair continue to decline to the 1.5580 level. Overall, GBP/USD traded with a low of 1.5592 and with a high of 1.5648. No major economic data is expected today.

GBP/USD - Last: 1.5664

Resistance

1.5729

Support

1.5594

1.5460

Japanese Yen (JPY) – The yen fluctuated near the 85.70 levels for a fourth day versus the dollar on speculation the U.S. housing market is stagnating, which is increasing demand for safer assets. The momentum of the USD/JPY is still strongly bullish these days, and the resistance on the daily chart is at 86. One thing to note is that there is a pennant shape forming. Overall, USD/JPY traded with a low of 85.593 and with a high of 85.929. No economic data is expected today due to a bank holiday.

USD/JPY-Last: 85.71

Resistance

85.93

Support

85.64

85.22

Canadian dollar (CAD) – The Canadian Dollar weakened against the US dollar as Oil fell more than 1% and drifted the Canadian Dollar along with it. The momentum of the USD/CAD is still negative for the US Dollar, and as long the USD/CAD is below 1.0400 levels, a short position is preferred. The next resistance on the one hour chart is located at 1.0350. Overall, USD/CAD traded with a low of 1.0216 and with a high of 1.0350. Wholesale Sales is expected to come in at 0.60% versus -0.30% prior.

USD/CAD - Last: 1.0312

Resistance

1.0347

Support

1.0309

1.0251

1.0216

Published in Forex Articles
Thursday, 16 September 2010 10:04

False Rebound

Against all expectations the Q2 GDP figures for the UK economy demonstrated a growth of a remarkable 1.1%, one of the highest figures found anywhere amongst the emerging economies. Whilst political parties on both sides of the House debated as to who should receive the credit for such a boost, the real results were being felt across the markets.

As the figures were released, unsurprisingly, sterling took a bounce against both the dollar and the euro. This hike wasn’t solely the result of the good GDP figures for the UK, but also on the back of fears that the stress-testing of euro banks would reveal that some banks weren’t quite up to scratch. These fears were later born out, and sterling looks set to rise further across the coming week.

Economic experts in the UK predicted rather gloomily that the 1.1% growth would be as a good as it gets, pointing to the growth provided by the building and construction sector as a one-off due to catching up on the backlog left behind after the particularly bad weather of the winter.

There is, however, another problem in the long run for the UK economy and that’s the fact that as long as it continues to perform well (or, more accurately, outperform the eurozone) sterling growing stronger is not actually going to be that much of an assistance to the recovery. The UK’s largest trading partner by far is Europe, and the government really needs a weaker pound against the euro to bring in extra trade to the UK and further drive the recovery.

Of course, on current evidence, that simply isn’t going to happen, or not for any time soon, leaving the UK without a major region to export to (a problem that isn’t unique to Britain by any stretch) and relying, to a certain extent, on exports to continue the boost in the economy. Whilst the services sector may continue to perform strongly, there are other places in the world to do business and that business is likely to gravitate away from the UK if it’s much cheaper to do it somewhere else.

So, sterling finds itself in between a rock and a hard place and some people are arguing that it would have been better to join the euro and be in the position of Germany, for example, which has seen exports within Europe increase rapidly over the last decade. Of course, a German bank failed the stress-tests as well, so there are further problems to be dealt with in the eurozone.

It is not an overstatement to say that the strength of sterling will dictate the strength and the extent of the recovery in the UK economy. Regardless of how you trade in the markets, whether it’s directly or through a spread betting company like CMC Markets, make sure you keep an eye on the comparative strength of sterling against the other major currencies, it is guaranteed to have an impact on your markets.

Published in Forex Guides
Thursday, 16 September 2010 08:47

Forex Daily News: GBP Making Moves on USD

USD Dollar (USD) – The Dollar weakened against most majors in Forex trading after US Industrial production fell more than expected in August (0.2% vs. 0.3% forecast vs. 0.6% in July). Additionally, the Empire State Manufacturing Index also fell more than expected (4.1 vs. 8.7 forecast) and other mixed data came out during the session, which supported negative sentiment for the Dollar. The NASDAQ and Dow Jones strengthened by 0.50% and 0.44% respectively. Crude oil decreased by 1.0% to close at $76 a barrel, and Gold (XAU) weakened by 0.2%,closing at $1268.70 an ounce. Today, Unemployment Claims are expected to rise from 451K to 463K, PPI is expected at 0.3% vs. 0.2% prior, Treasury Sec Geithner Speaks, and TIC Long-Term Purchases are expected to weaken from 44.4B to 37.9B.

EURO (EUR) – The Euro traded near a one month high against the Dollar amid speculation that the Federal Reserve will buy additional Treasury securities this year to help sustain growth as the economic recovery falters. The momentum of the EUR/USD has been bullish the past few days, and as long it's above 1.2950, the trend continues to be positive for the Euro. Overall, EUR/USD traded with a low of 1.2955 and with a high of 1.3037. Today, the Trade Balance is expected at -0.7B vs. -1.6B prior.

EUR/USD – Last: 1.2992

Resistance

1.3033

 

 

Support

1.2955

1.2891

1.2763

 

British Pound (GBP) – The Pound strengthened against the Dollar, rising to a 4 week high following a flurry of mixed U.S. economic data, which supports higher yielding assets. The main resistance of the GBP/USD on the daily chart is 1.5700, and if the price trades above this level, the momentum will continue to be bullish .Overall, GBP/USD traded with a low of 1.5448 and with a high of 1.5652. Today, Retail Sales are expected to weaken from 1.1% to 3.3%, and CBI Industrial Order Expectations are expected at -12 vs. -14 prior.

GBP/USD - Last: 1.5615

Resistance

1.5652

 

 

Support

1.5595

1.5500

1.5375

 

Japanese Yen (JPY) –The Yen weakened against all major currencies, falling to a 12 day low versus the Dollar. This came after Japan's government said it intervened in currency markets for the first time in 6 years in order to stem the Yen's sharp gains. The trend of the USD/JPY is opposite from downwards to upwards since yesterday, therefore a long position is preferred, and the next resistance on the daily chart is located at 86.50 levels. Overall, USD/JPY traded with a low of 82.87 and with a high of 85.77. No economic data is expected today.

USD/JPY-Last: 85.28

Resistance

85.77

 

 

Support

85.10

84.40

83.50

 

Canadian dollar (CAD) – The Canadian Dollar rose a bit versus the US Dollar after weaker than forecast manufacturing data was released in the U.S., renewing Canada’s concerns about the economy and its largest trading partner. As long the USD/CAD is below 1.0400 levels, a short position is preferred and the momentum is strongly bearish. The next support on the daily chart is at 1.0200. Overall, USD/CAD traded with a low of 1.0251 and with a high of 1.0320. No economic data is expected today.

USD/CAD - Last: 1.0274

Resistance

1.0320

1.0400

1.0500

Support

1.0220

 

 

Published in Forex Articles
Wednesday, 15 September 2010 09:48

Forex Daily News: Japanese Try to Rein in Yen

USD Dollar (USD) – The dollar slumped across the board in Forex Trading, as risk appetite and positive macro data led the market by fueling some optimism. Core Retail Sales came out at 0.6%, better than the expected 0.3% and Retail Sales came out at 0.4%, better than the expected 0.3%. The Stock Markets in the U.S. closed almost unchanged with the Dow Jones losing -017% and NASDAQ adding 0.18%, this occurring despite the surge in currencies markets. Crude Oil jumped to $78, but failed to hold there and fell by -0.5%, closing at $76.80 a barrel. Gold (XAU) traded on a new historical high, reaching the $1275 area, but closed at $1268 an ounce. Today, the NY Empire State Manufacturing Index is expected at 5 vs. 7.1 previously. The Import Price Index is expected unchanged at 0.2%, and the Industrial Production report is expected at 0.3% vs. 1% previously.

EURO (EUR) – The euro soared versus the dollar, reaching a 5 week high despite the negative macro data. The German ZEW Economic Sentiment came out at -4.3, worse than the expected 11.3, and Industrial Production came out at 0%, worse than an expected 0.2%. Holding above the support level of 1.2940 keeps the momentum positive for the pair. Overall, EUR/USD traded with a low of 1.2828 and with a high of 1.3032. Today, the CPI is expected unchanged at 1.6% and the Core CPI is expected at 0.9% vs. 1% previously.

EUR/USD – Last: 1.2969

Resistance

1.3025

Support

1.2950

1.29

1.2830

 

British Pound (GBP) – The Pound has gained versus the dollar as it finally breached the 1.5485 resistance level it was capped by. The CPI came out at 3.1%, better than an expected 2.9%, and the Core CPI came out at 2.8%, better than an expected 2.6%. Holding above the support level of 1.5430, keeps the momentum positive for the pair. Overall, GBP/USD traded with a low of 1.5347 and with a high of 1.5585. Today, the Claimant Count Change is expected at -5.1K vs. -3.8k previously. Also, BoE Gov Mervyn King will be speaking later today.

GBP/USD - Last: 1.5487

Resistance

1.5530

1.5580

 

Support

1.5475

1.5430

 

 

Japanese Yen (JPY) – The Yen gained against the dollar as the pair broke the 83.30 support level and reached a fresh 15 year low on speculation that the FED will keep buying treasury securities to sustain economic growth. Later on, however, announcements that the Japanese government would intervene on behalf of the Yen, turned the market momentum, and fueled pairs trading against the Yen by almost 200 pips. Holding above the support level of 83.80 turns the momentum to positive for the pair, as oversold conditions are seen here. Overall, USD/JPY traded with a low of 82.86 and with a high of 84.57. Today, the Tertiary Industry Index is expected at 0.7% vs. -0.1% previously.

USD/JPY-Last: 84.99

Resistance

85.30

Support

84.40

84.00

83.60

 

Canadian dollar (CAD) – Canada's dollar gained versus the U.S. dollar reaching the 1.02 area on speculations that BoC will continue to raise interest rates, but failed to sustain gains and jumped up to 1.03 areas. The Labor Productivity came out at -0.8%, worse than the expected -0.5%. Holding below the 1.0340 resistance area keeps the momentum negative for the pair. Overall, USD/CAD traded with a low of 1.0214 and with a high of 1.0304. Today, Manufacturing Sales are expected unchanged at 0.1%.

USD/CAD - Last: 1.0314

Resistance

1.0340

1.0400

Support

1.0220

 

 

Published in Forex Articles

One might regard forex as being somewhat simple: you just need to know which pair to trade, when to get in, and when to get out. (An exception to this is with carry trading, where you also need to pay attention to a few other factors). Here we discuss some of the major signals for knowing when to exit a trade.

The basic set of tools, provided for free by most forex brokers, are almost identical to the entry signals. With entry, you look for a trend and jump in just before it starts. With exits, you simply look for the end of a trend or the beginning of a new one, and jump out before it’s too late.

The big difference is that you are not usually looking for a new trend. By the time you can identify that a new trend has begun and is measurably significant, it’s already too late—you’re losing money. Instead, you should exit the market as soon as it is clear that the trend you bought on has ended. Trend following is just one of several ways to become successful in the forex market.

So you could start with crossovers in the moving average. If you used that to identify an uptrend, now you’re looking for a reversal with crossover from above. But hopefully you won’t get that far. Instead, you should watch the percentage of change in the short term moving average. If the short term average remains unchanged over a period of time, the trend has probably ended.

Of course, this means that the average directional index (ADX) or moving average convergence/divergence (MACD) both become more significant for you. Look for stabilization or stagnation in these indicators as a signal for the end of a trend. Some of the most helpful forex exit signals are the momentum indicators such as TRIX, smoothed rate of change, or relative strength.

It is also easy to draw a trend line based on Fibonacci pivot points. When prices begin to fall below the original trend line and you see a new pattern of pivot points, the trend has ended. Look for resistance or support that offers any type of pattern. You can also rely on exponential moving average (200 EMA). The problem here is that it is often hard to know if you are dealing with a new trend or just with retracement. This is where price candles can be helpful in some cases. Since the end of a trend is often more analytically complex than the beginning, knowing your analysis well is very important.

News shocks are generally a bad way to make exit decisions, since your response will be too late, anyway. However, if you do have reason to suspect an event and you are more accurate than the market, this might be useful. Generally, your stop loss order will kick in before you can.

And this is where the most important exit signal comes in. You should always have stop-losses in place for every trade you make. Quite simply, you’ve found an exit signal when your stop-loss kicks in and ends the trade for you!

This also relates to the biggest value in automated systems: rely on your software to free you from a position before you lose too much. You can set this up in complex ways to help you even with profitable trades. If more traders relied on their own analysis to get them into the market and software as one of several signals to get them out, they would significantly improve their profits.

Published in Forex Guides

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

 

Published in Forex Guides
Thursday, 20 May 2010 16:13

Testing

This is a test

blah blah blah ....

 

Published in Forex News
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Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

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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.

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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.