Daily Forex Fundamentals – July 29, 2013

What’s on the Economic Horizon

Yen Dominated Friday’s Trading
U.S. Pending Home Sales on Tap

U.S. Dollar (USD)

Booooooooring. Due to the absence of high profile economic data, EUR/USD’s price action was as dead as a doornail last Friday. After opening the Asian trading session at 1.3286, the pair simply moved sideways, finding support at 1.3252 and resistance at 1.3298. It closed the day barely changed at 1.3282. Read more…

Euro (EUR)

D’oh! That was so close! After gaining ground in early Friday trading, the euro gave up some of its gains against some of its counterparts. This resulted to minimal gains for EUR/USD and EUR/GBP, but significant losses for EUR/JPY and EUR/CHF. What happened?! Read more…

British Pound (GBP)

What a choppy day! GBP/USD moved mostly sideways on Friday, as it jumped to a high of 1.5434 then dipped to a low of 1.5356. Meanwhile, GBP/JPY ended the day in the red as it tumbled to the 151.00 area. What’s in store for the pound today? Read more…

Japanese Yen (JPY)

The yen continued to show everyone who is the real big boss of the foreign exchange market as it rallied strongly versus other major currencies. USD/JPY, for instance, marked its second straight day of winning, falling to 98.17 from 99.19. Despite the yen’s gains, analysts are saying that the yen’s moves are simply corrective, and will not last. Read more…

Canadian Dollar (CAD)

Way to go, Loonie! USD/CAD was slated to end the day with gains last Friday until a report from the unofficial Fed mouthpiece weighed on the Greenback. USD/CAD dropped from the 1.0300 area and capped the day just 5 pips higher than its open price. Booyah! Read more…

Australian Dollar (AUD)

Unless you’re a range trader, you probably despised how AUD/USD moved last Friday. The pair’s priect action was completely directionless as it traded within a wide range. It found support at .9230 and resistance just below .9300. Read more…

New Zealand Dollar (NZD)

Zzz… The Kiwi had a lazy Friday, as NZD/USD simply cruised across the charts. The pair moved between a tight range between the .8100 major psychological resistance and support above .8040. Could it bust out of its consolidation today? Read more…

Swiss Franc (CHF)

After its sharp dive earlier in the week, USD/CHF took a break and consolidated below the .9300 major psychological level on Friday. Which way could USD/CHF go today? Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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