Daily Forex Fundamentals – September 20, 2011

What’s on the Economic Horizon

Greek Finance Minister to Announce Austerity Measures Today
Canadian Leading Index and Wholesale Sales on Tap
U.S. to Unload Housing Starts and Building Permits Data
New Zealand Current Deficit Expected to Widen

U.S. Dollar (USD)

No mixed results this time… The dollar was straight up ballin’ yesterday! With risk aversion backing its climb, it gained ground against almost all of its major counterparts. Will it emerge on top again today? Read more…

Euro (EUR)

“Risk off, risk off… What you gonna do, what you gonna do when the bears come for you… Risk off, risk off…” Risk aversion was in full gear yesterday, which led to some losses for the euro. EUR/USD traded as low as 1.3586, before recovering to close at 1.3689, marking a 22-pip loss. Meanwhile, EUR/JPY dropped 76 pips and finished the day at 104.76. Read more…

British Pound (GBP)

Boy, did the market shed pounds yesterday! GBP/USD bounced from support at 1.5700 just before the London session opened only to plunge all the way down to its 8-month low at 1.5633. By the day’s close, the pair was back at 1.5700, down 58 pips from its opening price. Read more…

Japanese Yen (JPY)

Now THAT’S gangsta! The yen put a hurting on all of its major counterparts as the markets had very little appetite for risk yesterday. EUR/JPY took a 76-pip fall to 104.76 just as GBP/JPY tumbled 111 pips to 120.15. Will it rule the charts again today? Read more…

Canadian Dollar (CAD)

With the markets dumping higher-yielding assets, the Canadian dollar took an absolute beating on the charts. After opening at .9781, USD/CAD closed 117 pips higher to finish the day at .9898. Will we see more of the same today? Read more…

Australian Dollar (AUD)

Down she gooooooooes! With risk appetite down in the dumps, the Aussie had difficulty finding buyers and found itself diving down the charts as well. AUD/USD was at 1.0223 at the end of the day, 146 pips below Friday’s closing price. Read more…

New Zealand Dollar (NZD)

After falling to its intraday low at .8172, the Kiwi hustled some muscle during the New York session to end the day at .8258. Too bad it wasn’t enough to end the day with a win! NZD/USD closed 4 pips below its opening price of .8262. Drats! Read more…

Swiss Franc (CHF)

As usual, EUR/CHF just ranged like a Range Rover in yesterday’s trading, tapping its intraday high at 1.2080 and intraday low at 1.2049. Good thing the Swissy got lucky and ended the day with a 1-pip win at 1.2064. On the other hand, USD/CHF continued to trade higher, closing 13 pips above its opening price at .8813. 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!