Daily Forex Fundamentals – July 11, 2013

What’s on the Economic Horizon

U.S. Initial Jobless Claims to Show a 342K Figure
BOJ Rate Statement and Press Conference on Deck

U.S. Dollar (USD)

The dollar was as lost as an elephant in the city during yesterday’s trading. It would seem that the FOMC meeting minutes provided more confusion than clarity to traders, causing the dollar to give up some of its gains. Read more…

Euro (EUR)

If I were to describe EUR/USD’s price action yesterday in one word, it would be explosive. After posting fresh 2-month lows the day prior, EUR/USD decided it had enough and turned on beast mode. As of this writing, the pair is trading at 1.3087, which is a whopping 300 pips higher from its opening price yesterday. Read more…

British Pound (GBP)

It’s payback time! The pound took back most of its recent losses against the Greenback, as GBP/USD landed back above the 1.5000 major psychological level and even climbed 7 pips shy of the 1.5200 handle. Is it in for more gains today? Read more…

Japanese Yen (JPY)

The yen didn’t need any Monster energy drink to kick butt on the charts yesterday. All it needed was some bit of lovin’ from the bulls! USD/JPY closed 85 pips below its opening price at 100.18 while EUR/JPY was at 129.07 after opening the day at 129.18. Read more…

Canadian Dollar (CAD)

Thanks to the surprisingly dovish FOMC meeting minutes, the Loonie has been able to make significant advances versus the Greenback over the last 24 hours. USD/CAD is currently trading at 1.0407, more than 100 pips from its opening price yesterday. Read more…

Australian Dollar (AUD)

The Aussie finished yesterday’s trading “down under” (Ha!) its opening price against the dollar. AUD/USD opened at .9194. It traded higher and tapped an intraday high at .9236 only to give up all its gains and finish the day at .9111. Read more…

New Zealand Dollar (NZD)

Aaah… Breakout! NZD/USD made a strong and clear break above its recent range, as the pair surged past the .7850 resistance and reached a high of .7959. Where did the Kiwi get the strength to make a break for it? Read more…

Swiss Franc (CHF)

It’s time for revenge! The Swiss franc may have lost a lot of ground against the dollar in the past trading days, but yesterday’s price action was enough to erase most of those losses. USD/CHF fell by more than 300 pips as it slid from the .9750 area to a low of .9406. 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!