Daily Forex Fundamentals – October 19, 2012

What’s on the Economic Horizon
U.S. existing home sales to post upside surprise?
EU Summit expected to disappoint

U.S. Dollar (USD)

The Greenback sure knows how to bring sexy back! The U.S. currency was able to rally against its major counterparts during yesterday’s trading as a combination of risk aversion and strong U.S. data gave it a boost. Can the Greenback hold on to its gains until the weekend? Read more…

Euro (EUR)

And the euro comes tumbling down! For the first time in a week, the euro took some heavy losses, as it stumbled versus the dollar and the yen. EUR/USD fell 49 pips to finish at 1.3073, while EUR/JPY closed 2 pips below its opening price to end at 103.61 to form a near-perfect doji on the daily chart. What gives? Read more…

British Pound (GBP)

Party’s over, boys! The pound broke its winning streak against its counterparts yesterday despite the release of strong retail numbers in the U.K. Cable plunged by a ridiculous 98 pips while GBP/JPY also fell by 33 pips. What gives? Read more…

Japanese Yen (JPY)

The Japanese yen got mixed reviews yesterday as it did better than the British pound, got outpaced by the Greenback, and ended in a stalemate against the euro. USD/JPY ended the day at 79.26 while EUR/JPY closed at 103.61. Read more…

Canadian Dollar (CAD)

Talk about disappointing! Just a day after whooping the Greenback, the Loonie took a step back and gave back nearly all its gains from Wednesday, as USD/CAD closed 69 pips higher to finish at .9849. Read more…

Australian Dollar (AUD)

After a couple of days’ worth of strong rallies, AUD/USD retreated yesterday and closed in the red. The pair opened at 1.0384, dipped to a low of 1.0356, then closed at 1.0369. Will it be able to resume its rallies today? Read more…

New Zealand Dollar (NZD)

Tough luck for the Kiwi bulls! Just when we thought that they’re finally gaining muscles, NZD/USD was dragged 28 pips lower than its open price. Yikes! Read more…

Swiss Franc (CHF)

The franc’s price action was mixed as the M&Ms colors yesterday as weak Swiss data got mixed in with risk sentiment. USD/CHF went up by 21 pips while EUR/CHF trickled 17 pips lower. 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!