Daily Forex Fundamentals – March 14, 2012

What’s on the Economic Horizon

U.K. employment data to boost the pound?
Euro zone CPI on the docket
U.S. current account deficit expected to widen

U.S. Dollar (USD)

And the dollar strikes again! Everything went the dollar’s way yesterday as strong retail sales data and optimism from the Fed combined to extend the dollar’s rally. Against the yen, it hit fresh highs as USD/JPY rose 72 pips to finish at a new 11-month high at 82.95. Meanwhile, EUR/USD extended its slide by another 71 pips to land at 1.3084. How long will this dollar rally last?! Read more…

Euro (EUR)

Splat! Nope, that wasn’t the sound of Robopip crashing his pod again, but of the euro falling flat on its face in yesterday’s trading rounds! EUR/USD dropped 71 pips to finish at 1.3084, marking the first time in a month that it’s closed below the 1.3100 handle. Read more…

British Pound (GBP)

Who’s ready for another round of choppy price action? The pound is! GBP/USD made some wide swings yesterday as it dipped to a low of 1.5621, jumped to a high of 1.5748, then slid back down to close at 1.5705. GBP/JPY, on the other hand, made a steady climb all the way past the 130.00 handle. Read more…

Japanese Yen (JPY)

It seems like the BOJ has finally found the magic formula to weaken the yen! Thanks to the central bank’s dovish monetary policy statement, the yen found itself losing massive pippage against its major counterparts. USD/JPY rose 72 pips to a new 11-month high at 82.95 while EUR/JPY climbed 35 pips to 108.53. Read more…

Canadian Dollar (CAD)

Just like its comdoll siblings, the Canadian dollar rallied yesterday, as optimism helped the comdolls surge higher. USD/CAD closed 39 pips lower at .9886, forming a nice marubozu candle on the daily chart. Will it continue to drop today? Read more…

Australian Dollar (AUD)

Up, down, up, down, up! That pretty much sums up AUD/USD action yesterday! The pair stayed in a steady range between 1.0550 and 1.0500 yesterday as the Aussie and the Greenback fought over control of the market. In the end, the pair closed 37 pips higher at 1.0553. Read more…

New Zealand Dollar (NZD)

Despite the set of high-impact reports released yesterday, NZD/USD stayed stuck in a range as it found support near the week open price of .8183 and resistance at the .8240 area. Are there any catalysts that could trigger a breakout today? Read more…

Swiss Franc (CHF)

Aaaah… Breakout! EUR/CHF finally broke out of consolidation yesterday as the pair surged to the 1.2080 area. USD/CHF staged a strong rally as well, with the pair reaching a high of .9250 and closing at .9231. 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!

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