Daily Forex Fundamentals – May 17, 2013

What’s on the Economic Horizon

Preliminary University of Michigan Survey to Print a 77.9 Reading
Canadian Inflation Figures on Tap

U.S. Dollar (USD)

Uh oh! It looks like the dollar is losing its momentum! It failed to make any significant headway against the yen and USD/JPY just finished with a measly 9-pip gain at 102.34. The daily candle on EUR/USD also closed as a doji as the pair finished 2 pips below its opening price at 1.2877. Read more…

Euro (EUR)

The slew of negative data from the U.S. enabled the euro to push back versus the strong dollar yesterday. EUR/USD opened the day at 1.2879 and then ended the day barely changed at 1.2877. The pair, as a result, formed a doji on the daily. Read more…

British Pound (GBP)

The pound sure knows how to make a comeback, doesn’t it? GBP/USD bounced back above the 1.5300 major psychological level in yesterday’s trading while GBP/JPY rallied up to 156.00. What’s boosting the pound these days? Read more…

Japanese Yen (JPY)

The yen still hasn’t caught a break! It continued to give up ground to its counterparts. USD/JPY was up 9 pips from its opening price at 102.34, GBP/JPY was up 46 pips at 156.25, while EUR/JPY was unchanged for the day at 131.78. Read more…

Canadian Dollar (CAD)

Unlike other major currencies that were able to stay afloat, the Loonie weakened and lost once again versus the Greenback. USD/CAD ended the day at 1.0192, up 19 pips from its opening price during the Asian session at 1.0173. Just to give you an idea of how the Loonie has been performing, out of the last six days, the Loonie has lost four times. Read more…

Australian Dollar (AUD)

After seven straight days of defeat, the Aussie managed to finally fight back and stay afloat versus the Greenback. AUD/USD ended the day at .9884, barely changed from its opening price at .9890. Read more…

New Zealand Dollar (NZD)

Oh no, not again! NZD/USD spent another day in the red, as the pair tumbled below the .8200 major psychological support level. Will today’s set of data from New Zealand provide support for the Kiwi? Read more…

Swiss Franc (CHF)

USD/CHF had quite a topsy-turvy trading day as the pair tumbled below the .9600 major psychological support level during the London session then recovered back to the .9650 area towards the end of the day. What was that all about? 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!