Daily Forex Fundamentals – July 19, 2012

What’s on the Economic Horizon

Australia’s Business Confidence Slides Despite the RBA’s Rate Cuts
U.K. Retail Sales Expected at 0.6%
Philly Fed Index Due at 2:00 pm GMT

U.S. Dollar (USD)

Hang in there, fellas! Except for USD/JPY, the scrilla capped the day almost unchanged against its counterparts. It’s not due to lack of major market-moving reports though. What are the dollar bulls and bears are up to? Read more…

Euro (EUR)

Slow and steady does it! EUR/USD continued to crawl up the charts as it struggled to hold on to the 1.2300 handle. Unfortunately, the pair was unable to do so as it closed 17 pips below the psychological level. Read on to find out what happened and what’s in store for the euro today. Read more…

British Pound (GBP)

What a close call! The pound almost ended the day weaker against the Greenback as sellers took control of GBP/USD after the release of dovish MPC meeting minutes. But somehow, buyers were able to push the pair back up the charts in the U.S. trading session, forcing price to close 5 pips higher on the day at 1.5653. Read more…

Japanese Yen (JPY)

Did the yen just show a more consistent price action than the dollar?! The yen rose against its counterparts yesterday, gaining 30 pips on the dollar, 41 pips on the euro, and 44 pips on the pound. As it turned out, yen traders concentrated on two things. Read more…

Canadian Dollar (CAD)

That’s two in a row for the Loonie! The Canadian currency chalked up another day of wins against the Greenback as an upbeat economic outlook from the BOC provided the comdoll additional support. Will the Loonie extend its winning streak to three? Read more…

Australian Dollar (AUD)

Four in a row baby! Thanks to risk appetite in markets and a slightly better-than-expected Australian data, AUD/USD was able to extend its winning streak by bagging another 52 pips. Booyah! Read more…

New Zealand Dollar (NZD)

In the Kiwi’s case, no news is good news! New Zealand didn’t publish any reports yesterday, allowing the Kiwi to ride the tides of sentiment higher up the charts. NZD/USD climbed 15 pips from its opening price to end the day at .7993. Read more…

Swiss Franc (CHF)

The Swissy gave as good as it got yesterday, but when all was said and done, it ended the day unchanged. After an uneventful start to the day, USD/CHF rallied strongly in the European session, tapping a high of .9831. But sellers struck back in the U.S. session, erasing all of the Swissy’s losses to force USD/CHF to close right where it started at .9778. 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!