Daily Forex Fundamentals – January 16, 2013

What’s on the Economic Horizon
Potential downside surprise in U.S. CPI?
Australian consumer sentiment improved in Jan
Japan’s Economy Minister worried about yen weakness

U.S. Dollar (USD)

Now that’s how you make a comeback! The U.S. dollar gained against most of its major counterparts yesterday, with EUR/USD closing a couple of pips below the 1.3300 handle. However, the Greenback was unable to make any headway against the yen as USD/JPY closed 59 pips below its 89.30 open price. Read more…

Euro (EUR)

Yesterday, the euro suffered the wrath of the safe haven seekers as concerns over Germany’s economy surfaced. EUR/USD crashed and burned to 1.3298 from 1.3378 while EUR/JPY dropped back down to 118.09 from 119.60. Read more…

British Pound (GBP)

You win some, you lose some. The pound had mixed reaction against its counterparts yesterday as risk aversion and mixed U.K. data sent the pound traders all over the charts. GBP/USD and GBP/JPY dropped sharply while EUR/GBP and GBP/CHF closed in favor of the pound. Read more…

Japanese Yen (JPY)

Is this merely a retracement or the start of a reversal? Either way, let’s give the Japanese yen a round of applause for finally being able to outpace its counterparts yesterday! USD/JPY closed 59 pips down from its 89.39 open price while EUR/JPY ended the day at 118.08. Will the yen be able to hold on to its gains? Read more…

Canadian Dollar (CAD)

“Keep calm and trade sideways,” was USD/CAD’s theme yesterday as it simply moved within a tight range. It opened the day at .9838, rose as high as .9869, and then fell back down to close the day barely changed at .9844. Read more…

Australian Dollar (AUD)

Uh oh, it looks like the Aussie is surfing on choppy waters lately! Just when it seemed that AUD/USD could keep heading down after dipping to a low of 1.0525, the pair pulled right back up and cruised higher to close at 1.0557. What’s the wave forecast for today? Read more…

New Zealand Dollar (NZD)

Geronimooo! NZD/USD took a nasty fall down the charts yesterday after risk aversion caught up with disappointing reports from New Zealand. The pair tipped an intraday high at .8441 before it closed 18 pips lower than its open price. Read more…

Swiss Franc (CHF)

The franc was the biggest loser in the forex markets yesterday as sentiment for the higher-yielding currencies improved somewhat. The low-yielding franc continued to nurse losses against the dollar, euro, and the pound with USD/CHF shooting up by as much as 101 pips. Yowza! Read more…

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!