Daily Forex Fundamentals – May 17, 2012

What’s on the Economic Horizon

Philly Fed Index On Tap
Canadian Wholesale Sales Due Today
Japan Q1 GDP Clocks In At 1.0%

U.S. Dollar (USD)

Make that ELEVEN in a row for the scrilla! With risk aversion still weighing down the markets, the dollar scraped ahead of its major counterparts, with the USDX finishing 19 pips higher at 1.92. Can the Greenback go for an even dozen? Read more…

Euro (EUR)

Talk about having a bad week! Euro bulls lost to the bears for the seventh day in a row yesterday. EUR/USD sank to its 4-month low at 1.2682 before ending the day at 1.2709, 20 pips below its opening price. Read more…

British Pound (GBP)

Well, well, well, it looks the BOE Governor Mervyn King did quite a number on Cable’s price action yesterday! Due to King’s bearish inflation report, Cable dropped like a rock. It closed the day at 1.5909, 88 pips lower from its opening price. Read more…

Japanese Yen (JPY)

The yen continued to edged slightly higher, as EUR/JPY closed 6 pips lower at 102.06, while GBP/JPY finished at 127.75, 62 pips below its opening price. Read more…

Canadian Dollar (CAD)

The Loonie’s performance on the charts was still pretty lousy in yesterday. It pared the losses it scored during the Tokyo session and USD/CAD dropped from its 5-week high of 1.0131 to 1.0068. However, the Loonie quickly gave back up the upperhand to the dollar and closed the day with a 59-pip loss at 1.0127. Read more…

Australian Dollar (AUD)

With wave upon wave of risk aversion hitting the markets, the Aussie failed to make any ground yesterday. AUD/USD dropped from its opening price of .9929 to finish 23 pips lower at .9903. When will the Aussie’s misery come to an end? Read more…

New Zealand Dollar (NZD)

In baseball, the inning is over after three outs. Unfortunately, in the forex market, you can still continue striking out even after three outs. This is exactly what happened to NZD/USD yesterday when it marked its fourth losing day. The pair closed the day at .7936, 48 pips lower from its opening price during the Asian trading session. Read more…

Swiss Franc (CHF)

Is that a spinning top I see on USD/CHF’s daily chart? Why, yes it is! The pair, after opening the day at .9436, went as high as .9472, dropped to .9414, and then closed the day at .9446. It was a crazy, crazy day in terms of price action! 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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