Daily Forex Fundamentals – November 23, 2011

What’s on the Economic Horizon
BOE monetary policy meeting minutes due today
Euro zone set to release PMI figures
U.S. durable goods orders probably slowed in Oct

U.S. Dollar (USD)

Ho humm… Most of the dollar pairs paced back and forth inside their respective ranges for almost an entire day as they awaited the release of the FOMC meeting minutes. Now that the minutes are out, will the dollar pairs stick to their ranges or are we in for some breakouts? Read more…

Euro (EUR)

The euro’s still chillin’ like ice cream fillin’! Despite news that the IMF plans to extend its credit line to Europe, the shared currency refused to budge and remained range-bound against its major counterparts. Both EUR/USD and EUR/JPY ended just 10 pips higher on the day as they stayed within their 5-day ranges. Talk about consistency! Read more…

British Pound (GBP)

Positive economic reports from the U.K.? So what? The pound continued its fall against its major counterparts yesterday as traders started pricing in a bearish report from the BOE. GBP/USD fell by another 13 pips after plunging to an intraday low of 1.5582, while EUR/GBP edged another 14 pips higher at .8641. Read more…

Japanese Yen (JPY)

It was another mixed day for the Japanese yen as it chalked up a win against the British pound but lost a bit of ground to the U.S. dollar and the euro. EUR/JPY ended 10 pips up from its 103.92 open price while GBP/JPY sank from its 120.47 day open price to close at 120.38. Meanwhile, USD/JPY struggled to hold on to the 77.00 handle as it ended at 76.98. Read more…

Canadian Dollar (CAD)

The Canadian dollar may have stopped its fall, but it didn’t exactly do it in a convincing manner! Even with better-than-expected retail sales data, it only managed to record a draw against the Greenback. USD/CAD ended the day exactly where it began at 1.0377, forming a perfect doji on the daily chart. Read more…

Australian Dollar (AUD)

AUD/USD cruised across the charts as it moved sideways between support around .9825 and resistance below the .9900 mark yesterday. Will this consolidation continue for the rest of the week or is a breakout in the works? Read more…

New Zealand Dollar (NZD)

No thanks to risk aversion in the markets and New Zealand’s weak economic reports, the Kiwi bears walked away with fat pockets for the SEVENTH day in a row. Okay, maybe NZD/USD only fell by 7 pips at .7477 this time, but a red candle is still a red candle! Read more…

Swiss Franc (CHF)

Just like the Twilight Saga: Breaking Dawn fangirls, the currency bulls still hasn’t gotten enough of the low-yielding franc. EUR/CHF ended up falling by another 22 pips at 1.2352, while USD/CHF dropped by dropped by another 23 pips to .9141. 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!

  • Quezoy

    Just wanted to say tnx for the daily reports.
    Its a good help while I grind through the school and I’ll surely stop by also after graduatuion :D