Daily Forex Fundamentals – April 22, 2013

What’s on the Economic Horizon

Existing Home Sales Expected to Hit 5.02 Million
Euro zone PMIs Due Tomorrow
Japanese Yen Takes a Plunge on Taso’s Comments

U.S. Dollar (USD)

The dollar’s price action was as mixed as a piña colada last Friday. It traded notably higher versus the yen and the pound but it wasn’t able to perform the way same versus the euro. The U.S. dollar index that tracks the performance of the Greenback against a basket of other major currencies rose to 83.20 from 83.04. Read more…

Euro (EUR)

No need for Super Mario’s rescue this time! Thanks to a pretty lenient G20 meeting, the euro was able to score some serious gains against its counterparts. EUR/USD popped up to an intraday high of 1.3130 while EUR/JPY jumped by 174 pips. Read more…

British Pound (GBP)

The pound went down swingin’ with a 49-pip loss against the dollar in Friday’s trading. GBP/USD rallied at the start of the day but lost its momentum during the London session. By the day’s close, the pair was down at 1.5233. Read more…

Japanese Yen (JPY)

Awww, poor yen! It looks like traders are back to their old tricks again, selling the yen like there’s not tomorrow. The currency lost against most all major currencies, falling 174 pips versus the euro and declining 129 pips against the dollar. Read more…

Canadian Dollar (CAD)

Look who missed the risk appetite train! Canada’s data printed last Friday all popped up in the red, which is probably why the Loonie bulls didn’t jump in along with the other high-yielding currencies. USD/CAD had dropped to an intraday low of 1.0232 before it closed 3 pips higher than its open price. Ouch! Read more…

Australian Dollar (AUD)

The Aussie’s price action last Friday was as wild as a roller coaster ride. At first, the currency managed to stage a strong rally, but as the day went on, it eventually gave back its gains to end the day barely changed. AUD/USD began the day at 1.0297, rose as high as 1.0360, and then closed at 1.0288. Read more…

New Zealand Dollar (NZD)

Just when you thought the Kiwi was on its way to fly up to test the .8500 handle, it suddenly runs out of fuel! NZD/USD lost momentum halfway through the day and pared some of its earlier gains. The Kiwi only settled for a measly 21-pip win at .8433. Read more…

Swiss Franc (CHF)

Just like its European and comdoll counterparts, the Swiss franc was forced to give up its gains to the dollar in Friday’s trading on risk aversion and profit-taking. USD/CHF found support around the .9300 handle and closed 9 pips higher from its opening price at .9335. 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!