Daily Forex Fundamentals – August 16, 2012

What’s on the Economic Horizon

U.K. Retail Sales on Tap
Euro zone CPI on the Docket
U.S. Housing Market Still on the Rise?

U.S. Dollar (USD)

Topsy-turvy day for the scrilla, as it was simply all over the place. The dollar lost to the Canadian dollar for the 8th time in the past 9 days, but managed to edge slightly higher versus the euro and yen. Read more…

Euro (EUR)

Another day in the red? What’s new?! The euro lost ground against the Greenback and the Japanese yen as EUR/USD ended the day at 1.2286 while EUR/JPY closed at 96.90. Will the euro have a chance to bounce back today? Read more…

British Pound (GBP)

While the pound’s battle against the dollar was limited to a draw, it managed to steal a few pips away from the yen. GBP/USD formed another doji as it ended unchanged at 1.5684, but GBP/JPY inched up 21 pips to 123.70. Will today’s retail sales report spur a pound rally? Read more…

Japanese Yen (JPY)

Mixed day for the yen, as it edged higher versus the euro but took its bumps and bruises versus the pound. EUR/JPY closed 14 pips lower at 96.90, while GBP/JPY rose 21 pips to finish at 123.70. Read more…

Canadian Dollar (CAD)

Finally, some action! USD/CAD busted out of its tight consolidation above the .9900 handle and broke down to close at .9891. Does this mean that this pair is headed much further south? Read more…

Australian Dollar (AUD)

Finally! A green candle! After three consecutive days of losses, the Aussie was able to buckle a poor start and eventually ended the day with a 9-pip win to close at 1.0504. Will AUD/USD now resume its uptrend? Read more…

New Zealand Dollar (NZD)

This time, control over NZD/USD belonged to the Kiwi! It gained 22 pips against the Greenback as it took the pair steadily up from .8048 to .8070. Read more…

Swiss Franc (CHF)

At the start of the day, it looked as though USD/CHF was gonna serve up another boring day of trading. But then action picked up in the London session as the pair made its way up the charts. To the dismay of Swissy bulls, the market ditched the Swiss currency, forcing USD/CHF to end 31 pips higher at .9775. 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!