Daily Forex Fundamentals – May 20, 2011

What’s on the Economic Horizon
BOJ: More Stimulus On The Way?
CAD Retail Sales, CPI On Deck
German PPI To Come In At 0.6%

U.S. Dollar (USD)

Who be killin’ tha scrilla yo? Why, everybody! Thanks to poor economic data, the dollar found itself in the gutter, losing against all its major counterparts. EUR/USD rose another 80 pips to finish at 1.4310. Meanwhile, GBP/USD gained 74 pips, erasing most of its losses from the day before. Read more…

Euro (EUR)

It’s on! Just like the Miami Heat did in their game against the Chicago Bulls, the euro showed the Greenback that it’s got game. Even without the support of euro zone data, the pair was able to rally and close 71 pips higher for the day. Read more…

British Pound (GBP)

Why thank you British consumers! Due to a positive retail sales report, the pound was able to post some gains over other major currencies in yesterday’s trading session. GBP/USD, for instance, closed the U.S. trading session at 1.6232, a respectable 74 pips higher from its day open price. Read more…

Japanese Yen (JPY)

With traders being slightly risk hungry, the yen lost out in yesterday’s trading showdowns. Yen crosses rose across the board, led by EUR/JPY, which closed 39 pips higher for the day. Read more…

Canadian Dollar (CAD)

Sweet! With risk appetite firming up, USD/CAD fell 24 pips and the Loonie was able to post its third straight win against the Greenback. Now, I wonder if the Loonie can extend its winning streak to four in a row… Read more…

Australian Dollar (AUD)

Just like its comdoll siblings, the Aussie went on a nice roll yesterday, posting a nice gain versus the dollar. AUD/USD closed at 1.0672, up 48 pips on the day. What’s more is that this marked the fourth consecutive win for the Aussie. Can it make it a clean sweep to end the week? Read more…

New Zealand Dollar (NZD)

After the its stellar performance on Wednesday, NZD/USD decided to just chill in the charts and trade within an 80-pip range yesterday. The pair topped out and found resistance at .7938 and encountered major support at the .7860. At the end of the day, the pair sat at .7904, just 20 pips higher from its opening price during the Asian trading session. Read more…

Swiss Franc (CHF)

You could sum up USD/CHF’s price action in three words (two if you want to be critical about it): Down, up, down! If you look at USD/CHF’s price action yesterday, you’ll see how the pair fell early in the Asian session, suddenly popped back up during the European session, and then dropped down again once the U.S. trading session began. 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!