Daily Forex Fundamentals – April 11, 2012

What’s on the Economic Horizon

Bank of Japan monthly report on the docket
Canadian housing starts to print at 201,000
Beige Book and Fed budget balance due today

U.S. Dollar (USD)

Go dollar go! With risk aversion spurring demand for the dollar, the safe haven currency had an easy time on the charts. It strengthened against all of its major counterparts, save for the Japanese yen. Will it put up another awesome performance today? Read more…

Euro (EUR)

DJ euro got booed off the stage yesterday, as the shared currency simply couldn’t get its groove on. EUR/USD fell 32 pips to finish at 1.3081, while EUR/JPY simply tanked, dropping 152 pips to close at 105.51. Read more…

British Pound (GBP)

Yowza! Did you see that massive Cable drop yesterday? GBP/USD topped at a high of 1.5931, before plummeting to a low of 1.5809 and closing at 1.5869. Meanwhile, GBP/JPY crashed below the 130.00 handle and ended right at the 128.00 mark. Read more…

Japanese Yen (JPY)

Yesterday’s risk averse environment combined with the Bank of Japan’s decision to keep its monetary policy unchanged to provide perfect conditions for a yen rally. With traders going gaga over the Japanese currency, USD/JPY dropped almost 100 pips to 80.66 while EUR/JPY plummeted about 150 pips to 105.51. It seems like the yen’s bull run ain’t over yet after all! Read more…

Canadian Dollar (CAD)

And just like that, the Loonie is now zooming out of consolidation! Thanks to broad dollar strength, USD/CAD broke past its recent highs and out of major consolidation to finish at 1.0042, 78 pips above its opening price. Read more…

Australian Dollar (AUD)

The streak ends at three! AUD/USD was unable to post a fourth straight day of gains as it slid 69 pips to 1.0253. Ouch! Talk about undoing all your progress! Read more…

New Zealand Dollar (NZD)

The Kiwi seemed to have its wings clipped in yesterday’s trading as it tumbled below the .8200 major psychological level and reached a low of .8137. Can the Kiwi find support from today’s set of economic data? Read more…

Swiss Franc (CHF)

Consolidation is the name of the game for USD/CHF! Despite the strong safe-haven rallies we saw yesterday, the Swissy managed to hold its ground against the Greenback and move sideways around the .9200 handle. EUR/CHF, on the other hand, struggled to keep its head above the 1.2010 mark. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!