UFXBank Daily News: Oil fell to $83.66, Gold jumped to $1,696

Posted by admin on August 8, 2011 under forex market | Be the First to Comment

USD Dollar (USD) – In forex trading, the US dollar weakened against most of the major currencies on concern that economic slowdown will worsen and after the S&P cut the American credit rating from AAA to AA+ after the market closed, and when Asian stocks dropped. Investors are panicked and anxiously awaiting the European market to reopen today, in order to see how the market will behave. Futures pared losses after Group of Seven nations said they will take every step necessary to stabilize financial markets. The Nonfarm Payrolls came out at 117K better than the expected 95K and the Unemployment Rate came out at 9.10% better than the expected 9.20%. Wall Street closed mixed as the NASDAQ declined by 0.94% and Dow Jones rose by 0.54% respectively. Crude oil fell to $83.66 a barrel and Gold (XAU) jumped to $1,696 an ounce. No major economic data is expected today.

Euro (EUR) – The Euro rose against the US dollar before the Federal Reserve meeting today, only to decline on monetary policy after the S&P cut the U.S one level. German Industrial Production came out at -1.10% which was worse than the expected 0.10%. The EUR/USD’s momentum is bearish below the 1.4400 level and the next support level on the daily chart is at 1.4000. Overall, the EUR/USD pair traded with a low of 1.4287 and with a high of 1.4430. No major economic data is expected today.

EUR/USD – Last: 1.4315

British Pound (GBP) – The Pound rose against the US Dollar after the S&P cut the rating of the U.S to AA+ for the first time. The Halifax HPI came out at 0.30%, better than the expected 0.10%. As long as the GBP/USD pair is trading below the 1.6500 level, the trend of the Pound is bearish. The next support level on the one hour chart is at 1.6380. The Moving Average Indicator supports a downward trend as well. Overall, the GBP/USD pair traded with a low of 1.6404 and with a high of 1.6477. No major economic data is expected today.

GBP/USD – Last: 1.6260

Japanese Yen (JPY) –The Yen strengthened against the U.S Dollar despite investors concern from the new credit rating of the US and uncertainty before the Federal Reserve meeting. The main trend of the USD/JPY is bearish and as long as the pair is trading below 78.50, the USD is less attractive and a short position is preferred. Overall, USD/JPY traded with a low of 77.90 and with a high of 78.45. No economic data is expected today.

USD/JPY-Last: 78.03

Canadian dollar (CAD) – The Canadian dollar fell against the US Dollar as crude oil dropped on economic slowdown concerns in the US and the fact that the US is the second oil consumer, after China. The Employment Change came out at 7.10K, which was worse than the expected 20K. The Unemployment Rate came out at 7.20%, which was better than the expected 7.40%. The Levy PMI came out at 45.40, worse than the expected 62.90.  As long as the pair is trading above 0.9800, a long position is preferred. Overall, USD/CAD traded with a low of 0.9797 and with a high of 0.9863. No major economic data is expected today.

USD/CAD – Last: 0.9841

Play Safely in the Forex Trading Systems

Posted by TomShort on December 17, 2009 under forex market | Be the First to Comment

With the availability of a number of currency trading systems in the markets nowadays, it is indeed possible to make an error of selecting the wrong one for your trade or business. Unluckily, in case of forex, it does not indeed offer to much space to make mistakes as any mistake here signifies great financial losses on part of the trader. Hence, he has to be aware and very cautious while selecting from the different trading systems he would be using successively for his trade.

Many forex traders make the very common error of not going through the small print of the various forex trading podiums when they are buying it. It is no wonder, a very expensive error on the trader’s part. It is suggested to browse online on the internet for the different trading platforms in forex, if you at all wish to purchase them. While you are filling the forms, pay wise attention to the smaller prints on it and you will definitely come to know that this forex trading platform is nothing but a simulated program of forex trading. It means that the trading platform was never ever used in the real world of forex trading. , therefore the features that you found were interesting are nothing else, but only useless. Even worst is the case, if you lose hold of your equity. Therefore, you need to very careful while you are selecting your forex trading platform for your forex trade.

Then what might have happened actually with that trading. Did they occur in real time? The answer to this is have you come across the word ‘Curve Hitting”. The same has been taking place in the situation. What happens in this case is the system is bent after creating the so called rules a number of times, in order to make significant gains from the information offered. Basically, the problem is that no two sets of data imitate themselves in the same form as stated before. This is the simple logic that makes your system nothing, but a true FAILURE.

Let’s club it all in a proper setting that would be quite simple to grasp. Assume that there is a corkboard plastered on the walls of your house to throw the darts. Accordingly, many holes will be developed on the corkboard. After firing the darts, draw a circle around specific hole clusters. This will make the holes appear as a bull’s eye. Same happens in curve hitting in forex.

Therefore, it is better to avoid this while looking for a number of trading systems in the forex market. Conduct a lot of research about a particular system before you select one for yourself or your trading activity.

It is indeed suggested to play successfully in the game of forex trading system so as to avoid any disastrous situation.

Becoming a Forex trader

Posted by TomShort on November 19, 2009 under Daily Forex review | Be the First to Comment

In this article we look at one of the most well-liked customs to make money online; Forex trading. These days Internet has become a feasible alternative for normal people to make money from. Forex Currency Trading as well as the Forex Market is the places to be and there are so many choices obtainable that it’s hard to decide the right way to go ahead. Internet marketing has alienated into so many sub niches that you have an abundance to decide from. Forex trading has turn out to be extremely popular lately since anyone can do it and you don’t have to do any face to face selling. Forex trade done in the Forex Market as well as Forex Currency Trading has been around for a long time, but before Internet it was mostly handled by banks and enormous corporations. Internet changed all that and now Forex trading is a broad open market.

In simplest terms Forex trading is money exchange where you bet which money goes down and which goes up. You trade between currencies and with a bit of luck make income in between. I said with any luck because as with any commerce there’s a possibility that you could also misplace money of your swap wasn’t the right one to do. Before Internet one wanted a lot of money to get started in Forex trading. However, these days you can get started with hundred dollars. Of course there might be additional costs, but in theory you can start with a very low budget. In practice, it might be no matter which between $100-$5,000, and still something that a lot of can achieve.

As Forex market is worldwide you can trade 24 hours a day if you desire to do so. There’s always a marketplace open anywhere around the world. In fact, this is quite to no avail of. Internet has truly complete world one big market for an average Joe as well. You just need to learn a bit and get started. Don’t go to Forex trading without meaningful anything before receiving started. You can discover loads of information online.

Forex trading is one of the simplest businesses as far as office gear goes. All you need is an Internet link, a computer. Then you need to sign up an explanation with a Forex trader.

He or she will then provide you with software that you can use to make trades with. Choosing the correct trader is perhaps the most significant part of this business so do your due assiduousness very carefully. Again, read everything you find about Forex trade online, check out forums and see what and who is optional. There are so many ways to start making cash online that you just have to make a decision one that suits you. Forex trading can be great, but it is almost certainly best for those than can abdomen the risks. Not optional for the faint of heart!