Daily Forex Fundamentals – April 26, 2012

What’s on the Economic Horizon

Bernanke Still Open to QE3
RBNZ Keeps Rates Steady
U.K. Officially in a Technical Recession
BOJ Interest Rate Decision On Tap!

U.S. Dollar (USD)

Way to burn the Greenback, Big Ben! Thanks to the Fed head’s dovish remarks yesterday, the dollar continued to extend its losses against most of its counterparts. EUR/USD closed 33 pips higher at 1.3220 while GBP/USD rallied from its intraday low of 1.6081 to close at 1.6171. Read more…

Euro (EUR)

EUR/USD managed to finish near its highs yesterday, thanks to Federal Reserve Chairman Ben Bernanke’s optimistic comments on the U.S. economy. The pair ended the day at 1.3220, 33 pips higher from its opening price during the Asian trading session. Read more…

British Pound (GBP)

It’s official! The U.K. is back in a recession! So why did the pound strengthen against its counterparts? In fact, Cable even rose by 33 pips while Guppy closed 101 pips from its intraday low! What the heck happened? Read more…

Japanese Yen (JPY)

The yen was a lone wolf in yesterday’s trading, being the only one among the major currencies to score a loss against the U.S. dollar. USD/JPY ended the day 4 pips higher at 81.30 after it recovered from its intraday low at 81.08. Read more…

Canadian Dollar (CAD)

USD/CAD marked its fourth day of falling yesterday as it busted through the major support level at .9850. The pair ended the day at .9835, 45 pips lower from its Asian session opening price. With momentum starting to show that conditions are oversold, could the pair possibly pullback today? Read more…

Australian Dollar (AUD)

While Australians enjoyed their time off work in celebration of Anzac Day, Aussie bulls celebrated the dovish FOMC statement and rallied up the charts! AUD/USD pared the losses it scored on Tuesday as it closed 62 pips above its opening price at 1.0355. Read more…

New Zealand Dollar (NZD)

If you’re a range trader, then you probably loved how the Kiwi moved yesterday! Due to the absence of economic data releases, the currency simply bounced around a tight horizontal 50-pip channel versus the Greenback, finding resistance at .8150 and support at .8100. Read more…

Swiss Franc (CHF)

With no economic data from Switzerland, the franc traded at the mercy of its counterparts. EUR/CHF kept chillin’ like ice cream fillin’, but a broad dollar weakness pushed USD/CHF down by 33 pips to .9089. Read more…

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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!