Daily Forex Fundamentals – August 17, 2012

What’s on the Economic Horizon
Merkel pledges support for the euro
U.S. preliminary UoM consumer sentiment to improve in Aug?

U.S. Dollar (USD)

Tough day in the office for the Greenback yesterday! The U.S. dollar lost ground to most of its major counterparts except for the Japanese yen as mixed U.S. data dampened demand for the safe-haven currency. Will it have a chance to make up for its losses today? Read more…

Euro (EUR)

Finally, a bit of activity! In its biggest move this week, the euro gained 69 pips against the dollar as EUR/USD rallied from its opening price of 1.2286 to end the day at 1.2355. Let’s see if it can end the week on a strong note! Read more…

British Pound (GBP)

Do they release Olympic Gold medals for solid forex performance? Because the pound absolutely killed it against the dollar and yen in yesterday’s trading games! GBP/USD rose 54 pips to finish at 1.5737 and is now testing a major resistance point. Meanwhile, GBP/JPY soared to 124.81, up 111 pips from its opening price! Read more…

Japanese Yen (JPY)

Guess who has a huge letter “L” on its forehead? That’s right, it’s the Japanese yen! The lower-yielding currency was a huge loser in yesterday’s trading as risk appetite improved in the forex market. USD/JPY jumped up from its 78.87 open price to close at 79.31 while EUR/JPY ended the day just one pip below the 78.00 handle. Read more…

Canadian Dollar (CAD)

This is starting to get ugly! For the third day in a row, Loonie bulls trounced bears as USD/CAD slid further down the charts. Will it fall for a fourth straight day today? Read more…

Australian Dollar (AUD)

Woah! Surf’s up, dudes! The Aussie enjoyed a fresh wave of risk appetite as it cruised higher against the Greenback and the Japanese yen in yesterday’s trading. AUD/USD bounced back above the 1.0500 handle while AUD/JPY closed at 83.39. Read more…

New Zealand Dollar (NZD)

Back-to-back for the Kiwi baby! For the second day in a row, the New Zealand dollar edged higher, as NZD/USD climbed a decent 30 pips to finish at .8100. Read more…

Swiss Franc (CHF)

Thanks to overall dollar weakness and a relatively better economic data, the franc was able to pump higher during the New York session. By the end of the day, USD/CHF closed 54 pips lower to finish at .9721. 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!

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