Daily Forex Fundamentals – August 8, 2012

What’s on the Economic Horizon
BOE Governor King to testify today
New Zealand’s jobless rate to drop from 6.7% to 6.5%

U.S. Dollar (USD)

The Greenback’s performance was as mixed as a bag of nuts yesterday as the U.S. currency gained against most of its major counterparts but lost ground to the Canadian dollar and Swiss franc. Will the Greenback be able to find a clearer direction today? Read more…

Euro (EUR)

Bring out the smoothies boys and girls! Let’s join EUR/USD as it simply chills on the charts! For the second straight day, due to the absence of high profile economic reports, EUR/USD lacked direction. It simply traded sideways and paced back and forth between support at 1.2375 and resistance at 1.2443. Read more…

British Pound (GBP)

Hang in there, brothas! Thanks to better-than-expected U.K. data, the pound was able to score gains against its major counterparts. Cable rose by 27 pips, Guppy inched 87 pips higher, and EUR/GBP fell by 13 pips. What reports made the bulls giddy? Read more…

Japanese Yen (JPY)

The Japanese yen was outpaced by its major rivals yesterday as USD/JPY closed 42 pips up from its 78.21 open price while EUR/JPY ended the day 2 pips shy of the 97.50 minor psychological level. Where could the yen be headed today? Read more…

Canadian Dollar (CAD)

It looks like the Loonie has been going to the gym! For the third straight day, the currency outmuscled the safe haven Greenback and post another winning day. USD/CAD ended the U.S. trading session at .9976, 21 pips lower from its opening price that day. Read more…

Australian Dollar (AUD)

An upbeat RBA statement gave Aussie pairs a strong boost during the Asian session but these gains were gradually erased as the day dragged along. AUD/USD hit a high of 1.0604 before closing at 1.0548 while AUD/JPY closed 6 pips below the 83.00 handle. Read more…

New Zealand Dollar (NZD)

D’oh! The Kiwi bears defended the .8200 handle yesterday as NZD/USD encountered a strong resistance at the level. In fact, the pair even capped the day 53 pips lower than its open price! Will the Kiwi bulls have a chance at breaking above .8200? Read more…

Swiss Franc (CHF)

Are my charts going haywire, or did EUR/CHF actually go up to the 1.2075 area yesterday? Both USD/CHF and EUR/CHF ended the day near its open price, but a look at the lower time frames tells us that there is more to the story. 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!