Daily Forex Fundamentals – August 7, 2012

What’s on the Economic Horizon

RBA Expected to Keep Rates at 3.50%
U.K.’s Manufacturing Production Due Today
Canada to Release its IVEY PMI Data

U.S. Dollar (USD)

The Greenback ended the day almost unchanged against its counterparts yesterday as traders took a breather from the huge moves that we saw last week. Heck EUR/USD capped the day just 7 pips lower than its open price! Can you guess the currency that gained 27 pips on the scrilla? Read more…

Euro (EUR)

Consolidation is the name of the game as EUR/USD moved inside a 50-pip range, with support at 1.2350 and resistance at the 1.2400 handle, yesterday. EUR/JPY, on the other hand, crawled downwards and closed 25 pips down from its 97.20 open price. Read more…

British Pound (GBP)

Cable began the week on a weak note as a report showed that house prices fell more than expected. GBP/USD started the Asian session at 1.5615, fell as low as 1.5546, and then closed the day near its open price at 1.5605. Read more…

Japanese Yen (JPY)

When it comes to the BOJ and its stimulus plans, no news is good news for the yen! Thanks to speculations on the BOJ’s decision, the yen dominated its major counterparts in yesterday’s trading with USD/JPY dropping by 27 pips and EUR/JPY slipping by 25 pips. What’s up with the BOJ? Read more…

Canadian Dollar (CAD)

Parity is holding like a boss yo! USD/CAD kept its head above the 1.0000 mark as the pair moved sideways for almost the entire day yesterday. Now that Canadian traders will be back from their bank holiday today, what’s next for USD/CAD? Read more…

Australian Dollar (AUD)

There’s no stopping this superstar! While the other high-yielding currencies levelled off against the Greenback, AUD/USD had risen to a new four-month high near 1.0600 before it capped the day with a 9-pip gain. What the heck is happening in the Land Down Under anyway? Read more…

New Zealand Dollar (NZD)

Up, up, and away! The NZD/USD has finally managed to rise above the 0.8200 handle for the first time since April as it extended as high as .9225. Unfortunately, the pair wasn’t able to sustain its gains as it closed the U.S. trading session 11 pips lower from its day open price at .8201. Read more…

Swiss Franc (CHF)

If you’re a range trader, then you probably enjoyed the Swiss franc’s price action yesterday. It simply moved in a horizontal channel with resistance at .9735 and support at .9665. The Swiss franc closed the day at .9691 versus the dollar, which was just 7 pips lower from its opening price. 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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