Daily Forex Fundamentals – May 7, 2013

What’s on the Economic Horizon
RBA to keep rates unchanged at 3.00%?
Swiss foreign currency reserves due
German factory orders down by 0.4%

U.S. Dollar (USD)

The U.S. dollar was the king of the hill once more, as the safe-haven currency regained ground against its major counterparts. EUR/USD slid back down to the 1.3050 area while GBP/USD tumbled to a low of 1.5520. Is risk aversion back in the markets? Read more…

Euro (EUR)

Looks like the rally didn’t spill over into the new week, eh? Because of dovish remarks from ECB President Draghi, euro bulls took a small step back and allowed sellers to take control of the shared currency. At the end of the day, EUR/USD finished 44 pips lower at 1.3074, while EUR/JPY slid 17 pips to end at 129.90. Read more…

British Pound (GBP)

Once again, another boring day of consolidation for GBP/USD, as it remains stuck near the top of the rising channel. By the end of the day, the pair was trading 29 pips lower at 1.5541, but failed to set any new high or low. Read more…

Japanese Yen (JPY)

Who ya callin’ a loser now? The Japanese yen bounced back on its feet in yesterday’s trading sessions and recovered most of its previous losses against its major counterparts. EUR/JPY edged back below the 130.00 handle while crashed to the 154.00 area. Read more…

Canadian Dollar (CAD)

The stalemate continues! Once again, the Loonie and the Greenback locked horns on the charts, with neither currency willing to give ground. After an entire day of trading, USD/CAD finished just 7 pips lower at 1.0069. Will the pair finally bust a move today? Read more…

Australian Dollar (AUD)

Are you ready for today’s big event? AUD/USD seems to be trading carefully lately as Aussie traders await the RBA interest rate decision. At the moment, the pair is edging close to the 1.0200 major psychological support level. Will it hold? Read more…

New Zealand Dollar (NZD)

With no biggies on the market, the Kiwi was chillin’ like a villain’ during yesterday’s trading action. NZD/USD eventually ended trading at .8523, down just 9 pips from its opening price. Read more…

Swiss Franc (CHF)

Make that three days in a row that USD/CHF has finished in the green! The pair rose another 31 pips to end the day at .9385. Will we see a fourth consecutive green candle after today’s trading? Read more…

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Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!