Daily Forex Fundamentals – November 22, 2011

What’s on the Economic Horizon

U.S. Expected to Have Growth 2.5% During the Third Quarter
Canadian Retail Sales on Deck

U.S. Dollar (USD)

The Greenback turned out to be the best performing currency yesterday, thanks to good ol’ risk aversion. Global growth concerns and rising bond yields in some troubled euro zone nations were the primary reasons behind the sour sentiment. The U.S. dollar index closed the day at 78.70, up 20 percentage points from its opening level. Read more…

Euro (EUR)

Hang in there, fellas! Despite the onslaught of bearish news from the euro region yesterday, the euro managed to pare some of its losses against its major counterparts. EUR/USD held steady at 1.3502 after dropping to an intraday low of 1.3430, while EUR/GBP shot up by 77 pips to .8627. Read more…

British Pound (GBP)

The pound tumbled down the charts yesterday as risk aversion gripped the markets yet again. GBP/USD ended the day nearly 150 pips down from its 1.5794 open price while GBP/JPY crashed below the 120.50 minor psychological level. What happened and where could these pound pairs be headed next? Read more…

Japanese Yen (JPY)

While other major currencies suffered under the might of the Greenback, the yen was able to stay afloat against it. USD/JPY, which began the day at 76.80, ended the U.S. trading session barely changed at 76.96. It looks like traders are really trying to stay away from the yen, especially with the threat of “stealth intervention” right around the corner! Read more…

Canadian Dollar (CAD)

When oil prices are plummeting and the other comdolls are falling, you just know that the Loonie is bound to take a hit! Risk aversion in the markets took its toll on the high-yielding comdoll yesterday, pushing USD/CAD to an intraday high of 1.0419 before capping the day with a 101-pip gain at 1.0377. Read more…

Australian Dollar (AUD)

The Aussie experienced a case of “ouchies” yesterday as it gave up a lot of ground to the safe haven dollar. AUD/USD, for example, closed the U.S. trading session at .9664, more than 100 pips lower from its opening price that day. Read more…

New Zealand Dollar (NZD)

The Kiwi got its wings clipped by risk aversion yesterday, forcing NZD/USD to close 63 pips down from its .7574 open price. Not even the upbeat economic data from New Zealand was able to save the Kiwi from getting trampled on during the safe-haven rallies. Will we see the same kind of price action today? Read more…

Swiss Franc (CHF)

As risk aversion dominated in the markets, the safe-haven U.S. dollar and Swiss franc battled it out on the charts. Because it was a close fight, USD/CHF moved sideways the entire day as it found support around .9150 and resistance at .9200. Will this pair break out of its range today? 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!