Daily Forex Fundamentals – December 8, 2011

What’s on the Economic Horizon

ECB To Cut Rates Again?
Canadian Housing Data on Tap
BOE To Release MPC Statement

U.S. Dollar (USD)

It was another day of consolidation for the dollar as there was no major catalyst to drive the markets. EUR/USD traded within a tight 100 pips range and closed at 1.3403, just 3 pips above its opening price. Meanwhile, AUD/USD is still trading below the 1.0300 handle and is continuing its recent consolidation. Read more…

Euro (EUR)

EUR/USD was cruisin’ up the charts like Justin Bieber the bears suddenly attacked at the 1.3450 minor psychological handle. Consequently, the pair tumbled 100 pips, hitting rock-bottom at 1.3350. Good thing the euro was able to pare some of its losses and ended day with a 3-pip win against the dollar at 1.3402. Read more…

British Pound (GBP)

It looks like Forex Gump was correct in saying the pound has become the “European safe haven” currency. Even though risk appetite faded in the financial market, the pound was able to post spectacular gains against both the dollar and the euro. GBP/USD ended the day with a 109-pip gain while EUR/GBP closed 57 pips lower. Read more…

Japanese Yen (JPY)

Yen trading remained tight, as we barely saw any movement on USD/JPY. Meanwhile, EUR/JPY is still trading within a tight range and closed at 104.13, just 5 pips above its opening price. Read more…

Canadian Dollar (CAD)

And just when everyone thought the Loonie was headin’ back to parity, risk aversion kicked in! USD/CAD dipped to an intraday low of 1.0066 before ending the day 7 pips above its opening price at 1.0103. Read more…

Australian Dollar (AUD)

It’s starting to look like 1.0300 is the line-in-the-sand for the Aussie this week! Once again, the pair failed to trade above the key psychological level and remained within range. What will it take for the Aussie to bust out of its recent consolidation? Read more…

New Zealand Dollar (NZD)

s it just me, or is NZD/USD stuck in a tight 100-pip range? Similar to the days that have passed, NZD/USD continued to move in a sideways trend as it found resistance around the .7820 area and support just above .7750. Read more…

Swiss Franc (CHF)

Whoa, what a wild ride! The Swissy’s price action yesterday turned out to be a very crazy one as it fell sharply during the European session but quickly recovered during the U.S. session. At the end of the day, the Swissy was actually able to post a 24-pip gain over the Greenback. 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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