Daily Forex Fundamentals – November 9, 2011

What’s on the Economic Horizon

Australian home loans exceeds expectations
U.K. trade deficit to widen

U.S. Dollar (USD)

Remember what I said about watching market sentiment yesterday? Well, I sure hope you listened! The dollar was wiped out by a wave of risk taking as the safe haven currency ended weaker across the boards. At the end of the day, it found itself at the bottom of the food chain, losing out against all of its major counterparts. Yeeouch! Read more…

Euro (EUR)

Bye bye, Berlusconi? With news that the Italian PM was offering his resignation, the euro danced up the charts, skipping ahead of the dollar. EUR/USD gained 58 pips yesterday, as it closed at 1.3838. Read more…

British Pound (GBP)

Pound bulls made a dash for their cash despite worse-than-expected reports. GBP/USD traded higher on the charts yesterday, after dipping to a low of 1.6036. The pair then tapped its two month high at 1.6131 before closing with a 51-pip gain at 1.6104. Read more…

Japanese Yen (JPY)

A little bit of this and a little bit of that is what we got from the Japanese yen yesterday. Despite publishing positive current account data, the yen slid against the euro, with EUR/JPY ending at 107.89, 92 pips above its opening price. On the other hand, it gained ground against the dollar as USD/JPY finally broke below 78.00 to finish 36 pips lower at 77.69. Read more…

Canadian Dollar (CAD)

Make that two for two! Thanks to improved risk appetite, the Canadian dollar edged higher versus the dollar, marking its second victory for the week. USD/CAD closed at 1.0083, 44 pips lower on the day. Read more…

Australian Dollar (AUD)

Worse-than-expected trade balance data? No problem! Though Australia’s trade surplus slimmed down, the Aussie didn’t shed any pips as risk appetite helped it keep its head above water. At the end of the day, AUD/USD closed at 1.0400, 30 pips above its opening price. Will it break above this major psychological handle today? Read more…

New Zealand Dollar (NZD)

Slow and easy is the way of the Kiwi. Without any economic data on tap from New Zealand, the comdoll still traded higher against the Greenback. NZD/USD met resistance around the day open price at .7972 a couple of times before finally rallying to close the day at .7986. Read more…

Swiss Franc (CHF)

The Swiss franc traded higher against the dollar and the euro yesterday. USD/CHF ended the day 56 pips below its opening price at .8949. Meanwhile, EUR/CHF closed at 1.2383 after opening at 1.2410. Now that’s trading with swagger! 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!