Daily Forex Fundamentals – July 4, 2012

What’s on the Economic Horizon

U.S. banks closed for holiday
Euro zone retail sales eyed at 0.2%
Oil prices boost the CAD

U.S. Dollar (USD)

Despite yesterday’s positive data, the dollar’s price action was as mixed as my Uncle Joe’s famous barbecue sauce on the charts. It scored a 30-pip win against the pound and a 29-pip win against the yen but it gave up 21 pips to the euro and 15 pips to the Swiss franc. Read more…

Euro (EUR)

Due to the lack of market-moving events, the euro was unable to make significant strides against the safe haven dollar yesterday. The euro simply ranged the entire day, finding support at the previous day low at 1.2568 and resistance at the 1.2600 major psychological level. By the end of the day, the euro was only 22 pips higher versus the dollar. Read more…

British Pound (GBP)

Not too much action on pound pairs yesterday, which pretty much traded within their daily ranges. GBP/JPY struggled to break above its weekly open price at 125.30, while GBP/USD finished slightly lower at 1.5690, just 30 pips below its opening price. Read more…

Japanese Yen (JPY)

What a terrible Tuesday for the yen! It lost to all of its major counterparts with USD/JPY closing 29 pips higher at 79.82, EUR/JPY up 53 pips at 100.63, and GBP/JPY ending the day 23 pips above its opening price at 125.24. Read more…

Canadian Dollar (CAD)

Thanks to the unexpected rise in oil prices, the Canadian dollar turned out to be one of the best performing currencies yesterday. USD/CAD, after trading above 1.0200 for the majority of June, finally gave in to the bears and tumbled to its lowest level in more than a month. USD/CAD closed the day at 1.0126, 41 pips lower than its opening price. Read more…

Australian Dollar (AUD)

The Aussie surfed up the charts yesterday as the RBA’s interest rate decision sparked a wave of bullishness in the market. AUD/USD rallied to an intraday high of 1.0298 after dipping to a low of 1.0229. It then ended the day at 1.0280, 23 pips above its opening price. Read more…

New Zealand Dollar (NZD)

As expected, we saw a major snoozefest on NZD/USD as no hard data was released. NZD/USD traded within a range of 49 pips and closed the day at .8040, just 4 pips below its opening price. Read more…

Swiss Franc (CHF)

With no hard hitting data lined up, Swissy trading was as chill as a ride down the French Alps. By the end of the day, USD/CHF found itself trading at .9528, marking a small 15 pips loss on the day. 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!