Daily Forex Fundamentals – May 22, 2013

What’s on the Economic Horizon

Bernanke to Drop Hints About the Fed’s Monetary Policy?
BOJ Rate Statement on Tap
BOE Meeting Minutes To Boost the GBP?

U.S. Dollar (USD)

Crazy day for the scrilla yesterday, as it was simply all over the place! While it posted some decent gains versus the pound and Aussie, it stumbled against the euro and the franc. Could we see more of the same type of trading in today’s matchups? Read more…

Euro (EUR)

Up, up, here we go! The euro was able to muscle its way up the charts for another day. EUR/USD closed above the 1.2900 major psychological handle, clocking in a 16-pip gain at 1.2906. Meanwhile, against the yen, it finished with a 51-pip win at 132.29. Read more…

British Pound (GBP)

The pound was the biggest loser in the major currency block as a weak U.K. report reignited fears of more easing. GBP/USD plunged by a steep 108 pips, GBP/JPY fell by 72 pips, and EUR/GBP shot up by 71 pips. What the heck was released from the U.K.? Read more…

Japanese Yen (JPY)

Another day of consolidation for JPY pairs, as they all pretty much stuck within their recents ranges. It seems that everyone is just waiting for USD/JPY, EUR/JPY, and GBP/JPY to break for new highs. Hmmm… I wonder what could serve as a catalyst for a breakout… Read more…

Canadian Dollar (CAD)

The Loonie was no match to the dollar in yesterday’s trading. USD/CAD traded higher almost as soon as the markets opened, rallying to an intraday high of 1.0322. By the end of the New York session, the pair had settled at 1.0268 with a 30-pip loss. Read more…

Australian Dollar (AUD)

The bears just couldn’t sustain their momentum, as they had two failed attempts at breaking for new lows. AUD/USD found solid support just above .9750, and eventually finished trading at .9804, down just 14 pips on the day. Read more…

New Zealand Dollar (NZD)

No back-to-back performance for the Kiwi bulls! NZD/USD gained some support from mixed New Zealand data during the Asian session, but the bears eventually stepped up their game and forced the pair to close 9 pips lower than its open price. Read more…

Swiss Franc (CHF)

It was good while it lasted! The franc erased almost all of its Monday gains on the dollar and the euro as USD/CHF popped up by 33 pips while EUR/CHF climbed by 59 pips. What’s up with that?! 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!