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Archive for December 4th, 2009

Daily Review 04/12/2009

December 4, 2009 at 10:53 am

USD Dollar (USD)

The Dollar strengthened versus most majors as US stocks fell after Nonfarm Productivity contracted to 8.1% vs. the 8.5% expected and despite the number of unemployed that dropped to the smallest lowest since March 2008 coming at 457K. In addition, Unit Labor Costs dropped to -2.5%. NASDAQ and Dow Jones decreased by 0.54% and 0.84% respectively. Crude oil weakened by 0.2% closed at 76.46$ a barrel and Gold (XAU) rose by 0.4% closed at 1217.4$ an ounce. Today, Non-Farm Payrolls is expected at -119K vs. -190K prior and Unemployment Rate is expected to remain at 10.2%.

EURO (EUR)

The Euro approached a 16-month high versus the Dollar after Trichet said in Frankfurt the ECB will charge a variable rate instead of a fixed 1% for one-year loans offered this month. The Euro later fell versus the Dollar as US stocks fell. Overall, EUR/USD traded with a low of 1.5041 and with a high of 1.5140. Interest rate remains unchanged at 1%.

EUR/USD – Last: 1.5059

Resistance

1.5095

1.5114

1.5140

Support

1.5035

1.4970

1.4885

British Pound (GBP)

The Pound weakened against the Dollar after the service sector grew more slowly than expected in November came out at 56.6 vs. 57.00 forecast, but new business continued to pick up and firms were optimistic. Overall, GBP/USD traded with a low of 1.6555 and with a high of 1.6720. No economic data expected today.

GBP/USD – Last: 1.6535

Resistance

1.6640

1.6700

Support

1.6520

1.6390

1.6280

Japanese Yen (JPY)

The yen weakened for a third day against the Euro and the Dollar as signs the global economy is recovering boosted demand for riskier assets. Overall, USD/JPY traded with a low of 87.34 and with a high of 88.47. No economic data expected today.

USD/JPY-Last: 88.20

Resistance

88.30

Support

88.00

87.65

87.00

Canadian dollar (CAD)

The Canadian Dollar fell versus the Dollar after European Central Bank President Trichet called for a strong U.S. dollar, prompting traders to purchase the Dollar to cover short positions. Overall, USD/CAD traded with a low of 1.0462 and with a high of 1.0583.Today, Employment Change is expected to rise from -43.2K to 15.3K, Unemployment Rate is expected to remain at 8.6%, Ivey PMI is expected at 60.4 vs. 61.2 prior.

CAD/USD – Last: 1.0560

Resistance

1.0580

1.0635

1.0750

Support

1.0522

1.0460

1.0420

Research by http://www.ufxbank.com

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How can resistance and support Forex tools be helpful?

December 4, 2009 at 9:32 am

Forex market is the most volatile market when compared to any other market in the world. It has been helping a lot of traders to build up their fortunes by trading currency or currency pairs in the forex market. Forex market is one money making platform which is available for everybody and there is no trader who is stopped form trading into the forex market. Though trading into the forex market may be helpful for the trader to earn higher profits it is very important that the traders know the different basics of trading forex currency or currency pairs in the forex market. It is because this will be very helpful for the trader to invest less and earn more profits.

Knowing the available forex trading platforms, tools and strategies can be helpful in carrying out profitable forex trades with different combinations of currency or currency pairs. As forex trading has blown up largely it becomes very difficult or at times frustrating for the newbie’s entering into this forex market. This is the time when most of them think that it is high time and they should get hang of some forex tools so that they can carry out profitable trades. One kind of helpful tool which almost all the trader should know about and take help from is the resistance and support tool.

This resistance and support forex tools provide the forex traders with the set up areas where in the possibility of the risk is lowered with higher possibility of forex trading. The meaning of resistance here in the forex market can be referred to as sustaining the toughest conditions in the forex market and carrying out profitable forex trades. For this it is important that the forex trader has proper knowledge of different and profitable forex trading strategies.

All you have to do irrespective of whether you are a newbie or an existing trader in the forex market you have to design and adopt a forex trading strategy and stick to it making use of it when ever you trade in the forex market. Observing the results would be very helpful in knowing whether the strategy adopted is correct or needs to be amended. This is one way in which resistance as a forex tool will be able to help you in making profits in the forex market. The next way in which you can know whether how the support forex tools will be helpful is that you hire a good and reliable forex trader, have automated forex systems, knowledge of ways to read forex charts and news feeds.

If the Support and resistance forex trading tools if adopted in a combination then can make you earn higher profits in the foreign exchange market.

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Forex tools – An important way to earn high yields in foreign trading

December 4, 2009 at 9:31 am

Forex tools are the most important and the reliable way by using which you can definitely earn higher margin of profits or good returns in foreign trading which is basically a unpredictable one.

If you wish to trade in the forex market, you should first know the different types of FX tools and also there significance in the forex trade. These tools help in making investment and trading decisions a simpler process for those investing in the forex market. If the proper usage of these forex trading tools is made, you can easily make more number of trades and that to in a very less amount of time. If you want to earn higher yields in a shorter span of time, you should be aware of the different forex tools and when and how they are to be used is also a important thing to know.

The most important type of FX tools is platform. The usage of platform as the important forex tools is necessary to understand if you want to enter and stay in the forex market. The platform will help you carry out all your trading transactions and take the investment decisions and to in a proper manner so that all your trading transactions will take place on the perfect time. The forex trading tools help in understanding the movement of market and accordingly you can trade in or remove your money as the situation demands. There are also a different set of forex tools which is termed as forex systems. This set of forex tools will definitely help you to carry out the whole process of forex trade and that to on your own. This is also beneficial to your broker if the broker is investing on your behalf.

The forex tools are all equally important, but out of the entire most popular one is the forex autopilot system. This is the automated system which will definitely help you if you wish to trade automatically without putting in much of efforts. This forex tools is becoming popular because it can be used while the online forex trading is carried out and helps in doing an automated trade which definitely helps in saving the time of the trader or broker. Though all the forex tools cannot be completely relied on, because you need to add your own estimates along with the use of forex tools to convert the whole trade into a successful one and to make the perfect use of the available forex tools.

Forex signals, charts and indicators are some of the other important forex tools which help in showing the market movement and providing you the indications as to where the investment can turn out to be a fruitful one. These forex tools can definitely help you to understand the market nature, market movement and the direction to trade in the forex market.

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