Daily Forex Fundamentals – June 16, 2011

What’s on the Economic Horizon

U.S. Data to Determine Risk Sentiment Today
U.K. Retail Sales For May Eyed At -0.5%
SNB Not Expected To Hike Rates

U.S. Dollar (USD)

Winning may not be everything, but it certainly made the dollar bulls very happy yesterday. EUR/USD, after two straight days of wins, dropped like a rock yesterday and closed the U.S. trading session a whopping 279 pips. Read more…

Euro (EUR)

KABOOOOOM!!! The euro was blasted down the charts yesterday as violent civilian protests in Greece, spooked the euro bulls into selling the common currency like there’s no tomorrow. EUR/USD ended up plunging by a whopping 280 pips to 1.4171, while EUR/JPY also fell by 140 pips to 114.85. Read more…

British Pound (GBP)

Bulls played runaway bride with the pound yesterday and left it hanging in the charts just like Hugh Hefner. GBP/USD closed a whopping 197 pips below its opening price at 1.6175. Meanwhile, GBP/JPY parked at 131.10 after opening at 131.73. Read more…

Japanese Yen (JPY)

Thanks to risk aversion, the yen was able to gather some strength to post some respectable gains versus other major currencies yesterday. By the end of the U.S. trading session, the yen had gained a solid 63 pips over the pound and 141 pips over the euro. Read more…

Canadian Dollar (CAD)

If you had any doubts just how slippery oil can get, then you gotta take a look at yesterday’s price action! Risk aversion in markets dragged crude oil prices to a four-month low yesterday, which weighed heavily on the high-yielding, oil-related Loonie. After falling to a low of .9671, USD/CAD shot up by 118 pips and closed at .9789. Read more…

Australian Dollar (AUD)

The Aussie was driven lower yesterday as risk aversion managed to make its way back into the foreign exchange market. After it had opened the day at 1.0683, AUD/USD experience a huge sell-off and closed the day very weak at 1.0563. The pair clocked in a huge 120-pip loss. Read more…

New Zealand Dollar (NZD)

The Kiwi lived up to its name in yesterday’s trading as NZD/USD came crashing down the charts after it attempted to take flight from its opening price of .8178. At the end of the day, the comdoll landed at .8066, sustaining a 112-pip injury. Read more…

Swiss Franc (CHF)

While the Swissy felt so fly against the euro in yesterday’s trading, it got its tush whooped by the dollar. EUR/CHF tumbled 126 pips to its closing price of 1.2090. On the other hand, USD/CHF traded higher and ended the day 84 pips above its opening price at .8538. Read more…

Batman and Robin, bacon and eggs, 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!