Daily Forex Fundamentals – October 31, 2011

What’s on the Economic Horizon
Canada’s GDP For August Expected At 0.2%
BOJ Intervenes Again
U.S. NFP Report Scheduled On Tap This Week

U.S. Dollar (USD)

Aha! Looking at Friday’s price action, it seems like traders hit the club early. Most dollar pairs merely consolidated after a very volatile week. For instance, EUR/USD traded within a 40-pip range, ending the day 28 pips below its opening price at 1.4158. Read more…

Euro (EUR)

Not so fast, euro bulls! After rocketing across the board last Thursday, the euro leveled off and even pared some of its gains against its some of its counterparts last Friday. EUR/USD slipped by 28 pips at 1.4158, while EUR/JPY also edged 45 pips lower at 107.25 Read more…

British Pound (GBP)

If I were to sum up Cable’s price action in one word, it would be BOOOOOOOOOORING! Due to the lack of economic catalysts, Cable simply traded within a very tight 80-pip range. It found a bottom at 1.6070 and found resistance at the 1.6150 level. Read more…

Japanese Yen (JPY)

Aaah, it looks like the yen had a good day last Friday ending the day higher against most of its counterparts as risk appetite waned on skepticism about the EZ debt plan. EUR/JPY closed 47 pips lower at 107.25 while USD/JPY ended the day 19 pips below its opening price at 75.75. Read more…

Canadian Dollar (CAD)

Are the Loonie bulls done with their partying? After its 135-pip rally on Thursday, USD/CAD reached an intraday high of .9971 and even capped the day with a 7-pip gain. What’s up with that? Read more…

Australian Dollar (AUD)

The Aussie’s price action on Friday can be aptly described by a line in my soon-to-be wife Alicia Keys’ song Karma: “What goes around, comes around.” AUD/USD bounced from its intraday low of 1.0656 and ended the day back up the charts, around its opening price at 1.0712. Read more…

New Zealand Dollar (NZD)

The Kiwi traded in a perfect “U” pattern last Friday as it fell early in the day but recovered all of its losses before it closed for the week. NZD/USD, for instance, ended the U.S. trading session at .8228, just 20 pips higher from its opening price during the Asian session. Read more…

Swiss Franc (CHF)

After its stellar performance on Thursday, the Swissy decided to just chill across the board on Friday. USD/CHF, for instance, just traded sideways and bounced around a very tight 50-pip range. 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!