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January 31, 2013

from my morning chat: How I am prepping for FOMC & RBNZ today

Filed under: Currency Charts — Tags: , , , , , , — admin @ 3:40 am

I wanted to share my outlook on my current positions as well as what I am looking to add as the FOMC and RBNZ events approach. This is where I get ready for more volatility and deeper corrections of trends and price movement ranges on the higher levels of the hourly range.

Follow the Queen on Twitter!

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Daily Forex Fundamentals – January 30, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:27 am

What’s on the Economic Horizon
U.S. ADP report, advance GDP, and FOMC statement on tap
Spanish GDP to show 0.6% contraction
Kiwi to boogie to RBNZ rate decision

U.S. Dollar (USD)

The dollar bears are at it again! Yesterday’s risk rally left the dollar at the bottom of the dog pile as it lost pips against ALL of its major counterparts. Will today’s big events help it recover some of its losses? Read more…

Euro (EUR)

Boomshakala! Just like that, EUR/USD is now threatening the 1.3500 handle! Will the bulls have enough momentum to break through the key psychological level? Read more…

British Pound (GBP)

After posting losses to its counterparts one day after another, the pound was finally able to take a breather from the bears’ advances. GBP/USD finished yesterday’s trading at 1.5760 after opening at 1.5696. Meanwhile, GBP/JPY was up 53 pips at 142.95 by the end of the New York session. Read more…

Japanese Yen (JPY)

Boooring! We didn’t get much action from the yen yesterday; USD/JPY just traded near its recent highs, finishing the day just 3 pips lower at 90.71. Let’s see if action will pick up today! Read more…

Canadian Dollar (CAD)

Churn em’ and burn em’, baby! Just like its comdoll siblings, the Canadian dollar torched the Greenback in yesterday’s trading session. USD/CAD dropped 41 pips to finish the day at 1.0023. Is parity next? Read more…

Australian Dollar (AUD)

Aussie, Aussie, Aussie, Oi, Oi, Oi! The markets cheered the Australian dollar on yesterday, bringing AUD/USD up from its opening price of 1.0415 to 1.0464. Will they continue to support it today? Read more…

New Zealand Dollar (NZD)

And the losing streak ends at 3! The Kiwi was finally able to finish a day in the green against the dollar yesterday. NZD/USD was up at .8377 by the New York session close after starting the day at .8324. Read more…

Swiss Franc (CHF)

The Swiss franc has got swag! Well, at least in yesterday’s trading. USD/CHF finished the day lower at .9220 after opening at .9263. Boo yeah! 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!

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January 30, 2013

Compliance Training

Filed under: Forex Strategies — Tags: , — admin @ 4:43 pm

TMM were recently comparing notes with friends around the market (and indeed some not in the market but in other large institutions) over the pleasures of online compliance, ethics, anti-bribery and anti-money laundering training. Of course these courses are designed to pass the onus of responsibility from the company to the individual and prevent said company enduring prosecution for the actions of its employees, but the courses themselves often appear to be written by the same people that design tax returns, benefit forms or immigration documents. The clue is the way they veer wildly from mind numbing tedium that is little more than “can you manage to point the mouse where we tell you and copy theses letters” to the bizarrely perverse obscurity of which day of the week you are allowed to accept a $10, not $20, gift token from your grandmother and not declare it in a very large book kept in a safe three buildings away and in which colour pen.

The multiple choice questions that always end the “how fast can I click through this” course are also of a very predictable form. Three options are along the lines of “don’t tell anyone unless it’s inside information in which case leave it on the photocopier” and a fourth, the correct one, which contains the words “inform your Money Laundering Reporting Officer (MLRO) or line manager”.

So bearing those prerequisites to a successful compliance assessment in mind Team Macro Man offer you their own version. As usual you have three attempts to achieve the 80% needed to attain a pass before you will be reported to compliance.

1) A man arrives in reception with a striped top on, a balaclava and leather gloves, says he has £75m he needs to deposit tom/next. He has no KYC docs, but plenty of KFC. Do you

a) Take the bargain bucket and the money
b) Take the bargain bucket only
c) Offer the Money Laundering Reporting Officer (MLRO) two pieces of chicken and a week in the KFC City branch all expenses paid.

2) As you enter your building you notice a senior member of management “slipstream” you through the security gate without using an ID card. Do you

a) Ignore it and carry on as it isn’t worth the aggro.
b) Escort him back to reception and make sure he proves his identity before attempting to re-enter.
c) Rugby tackle him to the ground, then smash his forehead repeatedly into the genuine Italian marble flooring whilst whispering into his ear “This is for last year’s bonus, arsehole” and screaming loudly “HELP HELP INTRUDER !!!!”

3) Ethel and Leonard Dalrymple , who normally trade their account once a year, call to say they have won €250mm on the Costa Del Sol Lottery and begin trading clips of €10mm a time on March 2013 delivery Lard futures , do you

a) Tell them it’s normal for the bid /offer spread to be 20% of the cash price and deal anyway
b) Offer them a £500 a night, all expenses paid trip to Butlin’s Bognor Regis holiday camp , with unlimited cava and Pringles in return for a sole new issue order.
c) Offer the MLRO a magnum of cava and a week in Marbella to let you open a safe custody account in your name.

4) You are in a nightclub whilst on a ski holiday in Zettmypantsonfeuer with friends and are approached by a svelte 22 year old blonde proffering Hedonist-A-Go-Go shares at a huge discount. A firm in which you have a controlling interest as a founding member: Do you

a) Accept the special offer and commission rebate without saying anything
b) Ask, slightly aghast, “do you know who I am?” whilst revealing your faux chamois leather thong and walk away from the deal
c) Offer the young Frau some “special advice” only available from your suite , and also partially do a) and b)
d) Report the incident to your MLRO on your return to the UK three days and three stone later

5) Your colleague Steve is shaking and sweating violently, his pupils are dilated and he has clear needle marks on his forearms. You notice him levering open the cash till and ask him if he is alright. He appears shocked by your approach and pleads with you to open the till or he’s a dead man. Do you

a) Open the till for him and suggest he switches dealer to Pedro who isn’t so violent.
b) Lock the door, pull out a reefer to share and tell him to just chill man, it’ll all be ok.
c) Report the event to your line manager or MLRO as your colleague’s behaviour is suspicious and out of character.
d) Action (c) but then ring them back amending your report as you realise that Steve’s actions are actually in character as this happens most Monday mornings.

6) You have been appointed CEO for life of Hedonist-A-G-Go Plc after a long and bitter takeover battle which involved taking a poison pill to despoil your erstwhile hostile partners by over paying vastly for Wendy’s Tasteful Flowers PLC(WTF). You have been approached by Appleby Inc(AI) who inform you off the record of a cancer gene being discovered in the petals of the blue Delphinium ( Bolluxia Sapphic Deum) and he knows you have a pending bid by a deranged asset stripper for WTF Do you

a) Offload WTF as best you can to the asset stripper and pray AI s info turns out correct
b) Buy a majority stake in AI Inc asap and claim it was in house research
c) Send a huge bouquet of Blue Delphiniums to Bashar al-Assad signed “hugs from Mahmoud”.
d) Report your quandary to your 23 year old Angelina Jolie lookalike MLRO.

7) Fidel Castro walks into your branch and despite his false nose, Kim Il Jun suit and Sudanese passport you have a suspicion that he is not who he appears. On checking his signature against the one you have on file you find that the “tittle” dotting the final j in Mahmoud Ahmadinejad is a full millimetre out of place. Do you

a) Ask him to have another go at the signature pointing out where the discrepancy lies
b) It’s close enough, so you willing cash his check from from “Embargoed Oil” and make the payment to “Nukes ‘R’ Us”.
c) You see a cross sell opportunity and introduce him to your Wealth Management department.
d) Inform your MLRO office and line manager as you have spotted a Syrian stamp in his passport,  Syria being a sanctioned country.

8) An old friend pops in to see you after a very long lunch at the City Club reeking of port and cigars and sporting classic red wine lips. In his battered brief case he has several large wads of grubby £50 notes. Swearing you to secrecy, he tells you there is about a 2 million quid that he has been given as “Thank yous” over the years for various deals he did with friendly overseas defence ministries. Do you

a) Wheel him back to the City Club and blow as much of the contents of the case as you can on the oldest vintages on the list.
b) Suggest he invest it in a Jersey based OEIC because they don’t check too carefully
c) Remind him that you are an institutional Fund Manager and that effectively you don’t get out of bed for less than £100million these days.
d) Ask you MLRO what is the most effective wash cycle for dirty £50 notes.

9) You are abducted unexpectedly from a strip club in Mayfair by Martians who inform you that in fact Rasputin/Beria/Stalin/Hitler/Mussolini/Pol Pot /Genghis Khan and Piers Morgan were all in fact closet bankers . You had just invested heavily in a charity, Bankers Easily Lie Lots, Endeavour Never Fails (BELL END) and had persuaded Great Ormond Street Hospital( GOSH) to invest all their monies with you before this was made available to the rest of the Human Race. Do you

a) Let GOSH go ahead anyway and hope that no one believes your story about the Martian Abduction was correct.
b) Persuade their leader, Vince Cable , that backing BELL END would be unwise as all the wrong ‘uns in the known universe have always been bankers.
c) Over supper with the 22 year old ex Miss World MLRO let slip that you have a story unlike any before but that no one would believe you and did she have any contacts at The Daily Mail who might be able to help give the story some real clout
d) Ask for your LIBOR rate to be artificially ramped for sufficiently long enough to get away the option exposure on your Cliff Richard Ain’t Perfect (CRAP) EBT

10) You are fiddling with the screen on your smartphone trying to text the details of the next M+A deal to your mates but accidentally switch on the camera mode as your other hand is opening the door to the stationary cupboard. On entry you trip over some discarded clothing which causes you to hit the shutter button. The flash in the darkened cupboard temporarily blinds you so you stumble back out and close the door. Back at your desk you realise that the resulting photo depicts your MLRO and line manager in a very compromising position. Do you

a) Delete the photograph as it is in clear contravention of your institution’s obscene publication rules.
b) Report it to your MLRO and line manager.
c) Suggest a payrise and blind eye policy towards your future conduct would be a good idea.
d) Post it on a social networking site.
e) Suggest a threesome.

Please now complete the following survey 

Was this course easy to understand?
Did you find the assessment in line with our diversity agenda?
Was this course socially inclusive?
Were you happy that your human rights were not impugned?
Please consider the environment when completing this survey.

Finally, to complete the course, please sign the following declaration-

“I agree that should anything occur to encumber this institution with either reputational or financial costs due to lack of senior management oversight or failing policy, I will take sole responsibility and will willing be banged up for 20 years and used as the scapegoat leaving said senior management to continue with their self-aggrandisement”.

Daily Forex Fundamentals – January 29, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon
U.S. durable goods orders top forecasts
Carney’s remarks weigh on the pound
GfK Consumer Climate report on tap

U.S. Dollar (USD)

Mixed data? No problemo! Despite a negative U.S. housing report, the dollar still managed to finish the day higher against most of its major counterparts as the currency mimicked the move in the equity markets. Read more…

Euro (EUR)

After staging a solid two-day rally, EUR/USD put a halt to all the action and traded sideways to start the week. The pair finished the day virtually unchanged at 1.3456. What does the euro have in store for us today? Read more…

British Pound (GBP)

Rough start to the week for the pound, as it got killed across the charts yesterday. GBP/USD fell another 70 pips to finish the day at 1.5696, while GBP/JPY dropped to 142.42, down 109 pips from its opening price. Read more…

Japanese Yen (JPY)

Aww, snap! The yen’s losing steak finally came to an end! USD/JPY tapped a two-and-a-half-year high at 91.26 before finishing the day 28 pips lower at 90.74.
Read more…

Canadian Dollar (CAD)

USD/CAD formed a perfect gravestone doji on the daily chart to start the week, trading as high as 1.0101 before retreating to 1.0064, just 2 pips above its week open. Does this mean that it’s time for the Loonie to take control of the market? Read more…

Australian Dollar (AUD)

Easy does it! That was the way of the Aussie in yesterday’s trading. AUD/USD finished the day higher by just a mere two pips higher at 1.0415 after hitting an intraday low at 1.0384. Talk about cutting it close! Read more…

New Zealand Dollar (NZD)

Just when it seemed that the Kiwi was going to drown in the deep end, it was able to recover and salvage some pride late yesterday. By the end of the New York session, NZD/USD was trading at .8324, down 32 pips from its opening price, but much higher than its intraday low of .8280. Read more…

Swiss Franc (CHF)

Pretty quiet day for the franc, as USD/CHF pretty much stayed within range yesterday. By the end of the day, the pair was trading at .9263, down 16 pips for the day. 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!

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January 29, 2013

New Paradigm? Run!

Filed under: Forex Strategies — Tags: — admin @ 4:45 pm

Sorry for the lack of posts, TMM have been sliding down hills in Austria and very nice it was too. Germany and Austria were as clean and efficient as ever and that includes the “Après ski” where the Austrians are still (in our eyes, so please pipe down any Canadian readers) the masters of “Après”.

 So back to the markets. The last couple of weeks have been of no great surprise to TMM as the stresses of 2012 unwind and positioning tries to revert to a more normal balance.  FX land has seen the safe havens unwind and it is interesting to hear the background excuses that cite local yet really its all part of the same great relief trade. For example GBP’s tanking is, in TMM’ s eyes, just as much about money going home as it is to the new focus on potential “Carney cuts” or recession part 3 (Which makes us wonder what will happen to the top end London property market. Time to play the Chelsea/Chester regional house spread -not that we can)? 

Equities have done us proud over the past months but we are getting a bit wary. Not so much towards equities themselves, but the global mood backdrop as expectations have pretty much converged on –  

– US recovery – Agree, but looking at the Citi surprise index for US data sitting on zero we would suggest that s in the price.
– The Bernank prostituting money supply like a 5 buck hooker
– Europe will not die today. ( even Greece today announcing the worst is over)Asia is just fine.
– Japan will Bernanke the Bernank out of the Bernank. 
– Yields will all rise.
– Equities are the no brainer. – Well we would agree that they WERE a no brainer, but as per above, we now have doubt.

  Lovely – so what could possibly go wrong? Even Our friends at Hero Zedge appear to be scraping the bottom of the barrel for new negatives. (US lost the German’s gold? Purleeese!).
But the debate within TMM is how isolated different assets can remain if or when we start to see pressures build in other areas. For example, EM credit structures where rising US reference yields are making things pop and squeeze. Add to that the weight of positioning in that field that has been chasing the last bp in TMM’s eyes EM High Yield credit is looking shaky. Recent moves in EM FX are predominantly being blamed on potential  FX wars in Asia but we think there may be more behind this.

 But how infectious would a credit sell off be? The pressures  of “Risk on Risk off” have appeared to diminish and the fast flowing Roro river  has hit the low planes allowing it form a delta with different asset classes feeling they are no longer influenced by other flows. Backwater micro analysis proliferating in the absence of daily changing macro news. Already the debate has opened up as to whether 2013 is a brave new world, a new paradigm in contrast to the paradigm rule book of 2008-12. This is almost as good an indicator in its own right. As soon as we hear the words “Paradigm shift” we worry. 

So if we are already seeing positions being justified on the “No, this time is different”,  we are ready for the next “Oh that shouldn’t have happened” event to occur to remind everyone of Mark Twain’s quote about rhyming history. We don’t believe that we can have a panicky sell off in one market without it starting to infect others, (Pink Flamingo rule 1)  so despite equities being our “least worst” long option compared to bonds and commodities, we are putting our P+L where our thoughts are and have unloaded all our equity index longs in anticipation of the next unseen unseen. We would go further and suggest that that unseen is going to come from Emerging Market Credit.

 What else? Well if we are looking for an EM wobble then the least we can do is look at the high yielding NAFTA favourite the MXN. Everyone’s darling but if we get a big enough wobble we could see USDMXN easily pushing through 13.0000. While we are surmising a turn perhaps we ought to even look at GBP turning back up for all the opposite reasons that world has sold it. So let’s go mad and buy GBP/MXN.

Daily Forex Fundamentals – January 28, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon
U.S. durable goods orders data due today
BOC Governor Carney to give more dovish remarks?
New Zealand trade deficit expected to narrow

U.S. Dollar (USD)

Once again, the dollar’s price action last Friday was as mixed as a bag of jellybeans. The Greenback finished the day higher against the yen and the comdolls but lower against the euro and the franc. What gives? Read more…

Euro (EUR)

Up, up, and away the euro goes! The shared currency skyrocketed on Friday’s trading as investors basked on good vibes from the euro zone. EUR/USD finished higher at 1.3465 after opening at 1.3373. It even tapped its 13-month high at .8537 before closing the day with a 68-pip win at .8522. Read more…

British Pound (GBP)

Now that’s resiliency! Despite the release of horrendous U.K. GDP figures, the pound was able to end the day higher against the dollar. GBP/USD closed right at the 1.5800 handle, 8 pips above its opening price. Can the pound continue to defy gravity this week? Read more…

Japanese Yen (JPY)

Wow, oh wow! The yen, just can’t catch a break! Thanks to more remarks from Japanese officials about the yen being too strong, USD/JPY rose past the 91.00 handle, before closing with a 103-pip loss for the yen. Meanwhile, EUR/JPY staged a 200-pip rally closing at 122.52. Read more…

Canadian Dollar (CAD)

Boo! Traders still didn’t go looney for the Loonie. USD/CAD continued to trade higher on Friday. The pair opened at 1.0031 and traded all the way up to 1.0080 to finish the week. Read more…

Australian Dollar (AUD)

Unfortunately for bulls, the Australian dollar continued to make its way lower last Friday. It suffered a bitter defeat to the safe haven U.S. dollar as it fell to 1.0413 from 1.0472. Read more…

New Zealand Dollar (NZD)

NZD/USD continued to retreat and recorded its second straight decline last Friday. The pair finished 18 pips lower on the day, and over the weekend, the selloff continued as NZD/USD gapped down another 17 pips. Is this the beginning of a new trend? Read more…

Swiss Franc (CHF)

The franc continued to have its way with the dollar as USD/CHF posted its fourth decline in five days. With help from an ugly U.S. report, the franc staged a late rally, forcing the pair to slip 21 pips and close at .9264. 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!

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January 26, 2013

Daily Forex Fundamentals – January 25, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:29 am

What’s on the Economic Horizon
U.S. new home sales at 387K in Dec?
German Ifo business climate to improve
U.K. preliminary GDP for Q4 2012 due today

U.S. Dollar (USD)

The Greenback sure likes to mix things up, doesn’t it? After yesterday’s showdown, the U.S. dollar reigned supreme against the pound, Aussie, Loonie, Kiwi, and yen but was outperformed by the euro and Swissy. What can we expect for the U.S. dollar today? Read more…

Euro (EUR)

The euro saw some wild price action when the region’s PMIs showed mixed results. The common currency dropped in the early U.K. session before it capped the day higher against the Greenback, the yen, and the pound. Booyah! Read more…

British Pound (GBP)

Still no signs of Lady Luck for the pound! For a fourth day in a row, GBP/USD finished lower. The pair opened at 1.5843 and closed at 1.5790. Read more…

Japanese Yen (JPY)

Yen bears, unite! After a few days of licking its wounds, the Japanese currency got heavily beaten again in yesterday’s trading as USD/JPY climbed to the 90.50 area. EUR/JPY also made a nice comeback as it managed to close 32 pips above the 120.00 handle. Read more…

Canadian Dollar (CAD)

The Loonie bears won another round of tug-o-pip against the bulls yesterday as they pushed USD/CAD firmly above parity. The pair reached a low at .9988 before it closed at 1.0031. Read more…

Australian Dollar (AUD)

Crash and burn, baby! The Australian dollar just couldn’t keep its head above water yesterday as AUD/USD tumbled below the 1.0500 handle and closed at 1.0472. Fortunately, the Aussie was able to take advantage of yen weakness, pushing AUD/JPY above the 94.00 mark. Read more…

New Zealand Dollar (NZD)

Aww, snap! The Kiwi’s flight to the bulls’ turf was cut short in yesterday’s trading. It pared some of its gains from Tuesday when NZD/USD closed yesterday’s trading 45 pips below its opening price at .8378. Read more…

Swiss Franc (CHF)

Aah, the Swiss franc kept on chillin’ like ice cream fillin’ on the charts. USD/CHF stayed in its range, finishing the day just 3 pips below its opening price. 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!

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January 25, 2013

Daily Forex Fundamentals – January 24, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon
Euro zone PMIs on Tap Today
Weekly Jobless Claims Seen to Tick Higher

U.S. Dollar (USD)

What a crazy day for the scrilla yesterday, as it was simply all over the dance floor! The dollar consolidated against the euro, managed to edge higher verus the Loonie, but lost out against the Kiwi. Read more…

Euro (EUR)

It’s a stalemate, ladies and gents! After a few moves here and there, EUR/USD ended the day right where it started. The pair dipped a bit below the 1.3300 handle to a low of 1.3298 but the psychological support level still managed to hold. Will this still be the case today? Read more…

British Pound (GBP)

For the third day in a row, Cable traders took a chill pill as the pair continued trading sideways. It found support at Monday’s low and resistance at Monday’s high before it settled just 5 pips below its opening price at 1.5841. Will it finally break out of consolidation today? Read more…

Japanese Yen (JPY)

Looks like we’re in for a major battle on the yen pairs! After two days of bloodbath, both EUR/JPY and USD/JPY have formed dojis on their daily charts, indicating that the bulls and bears are going at it. Who will emerge victorious and who will suffer a painful death? Read more…

Canadian Dollar (CAD)

Surprise, surprise! BOC Governor Carney’s less-hawkish-than-usual comments during the central bank’s monetary policy statement triggered an upside breakout for USD/CAD, pushing the pair to the 1.0000 area. What exactly did Carney say? Read more…

Australian Dollar (AUD)

The Aussie bulls couldn’t sustain their momentum from the day before and ended up giving back some of their gains away yesterday, with AUD/USD closing 17 pips lower at 1.0550. What could be in store for us today? Read more…

New Zealand Dollar (NZD)

It may not have been a big victory, but hey, a win is a win! The Kiwi managed to follow up Tuesday’s awesome performance with more gains as it locked in 6 pips against the Greenback. Will NZD/USD extend its rally and test resistance at .8450? Read more…

Swiss Franc (CHF)

Can you say BORING? After an entire day of trading, USD/CHF finished just 4 pips above its opening price while EUR/CHF ended just 6 pips higher. Let’s see if the Swiss franc will come to life today! 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!

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January 24, 2013

Daily Forex Fundamentals – January 23, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:31 am

What’s on the Economic Horizon

U.K. claimant count to show increase of 400
Swiss ZEW economic expectations on deck
Bank of Canada rate statement set for 3:00 pm GMT

U.S. Dollar (USD)

U.S. traders returned from their three-day weekend, but it seems like they didn’t miss the dollar at all while they were away. They sold the American currency, leading it to weaken against all of its major counterparts. Will it stay at the bottom of the dog pile today? Read more…

Euro (EUR)

Mixed results for the euro yesterday, which remained steady versus the dollar, but stumbled down the charts against the mighty yen. EUR/USD pretty much stayed within a range, closing near its opening price at 1.3318. Meanwhile, EUR/JPY slid down the charts to finish 132 pips lower at 118.17. Read more…

British Pound (GBP)

Despite weaker than expected U.K. data, the pound managed to end higher against the Greenback as GBP/USD closed 20 pips up from its 1.5826 open price. GBP/JPY, on the other hand, chalked in some losses as it dipped to a low of 139.80 then closed at 140.60. Read more…

Japanese Yen (JPY)

What a letdown! The BOJ monetary policy statement turned out to be a big party pooper as it led to huge losses on yen pairs. USD/JPY fell 101 pips while EUR/JPY slipped 132 pips. Has the yen selloff finally come to an end? Read more…

Canadian Dollar (CAD)

Thanks to mixed retail sales data, it’s no wonder USD/CAD stayed in consolidation mode! Once again, the pair remained in ranging mode, failing to establish any new significant highs or lows. By the end of the day, the pair was trading at. 9927 pips below its opening price! Read more…

Australian Dollar (AUD)

Finally, some decent gains for the Aussie! AUD/USD posted its biggest rally in a week as it rose 50 pips to end at 1.0567. Read more…

New Zealand Dollar (NZD)

The Kiwi soared up the charts yesterday as the Greenback sold off against its major counterparts. After opening at .8363, NZD/USD reached a high of .8430 then closed at .8413. What’s in store for the Kiwi today? Read more…

Swiss Franc (CHF)

The Swissy managed to score another day in gains against the Greenback as USD/CHF dipped to a low of .9275 before closing 8 pips below the .9300 handle. Will the franc be able to hold on to its gains today? 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!

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January 23, 2013

Daily Forex Fundamentals – January 22, 2013

Filed under: Currency Charts — Tags: , , , , — admin @ 1:28 am

What’s on the Economic Horizon

BOJ Expected to Raise Inflation Target to 2% and Announce Unlimited Stimulus
Canada’s Retail Sales Expected to Print Lower than its Previous Reading
Draghi’s Speech Scheduled at 7:00 pm GMT

U.S. Dollar (USD)

With the U.S. celebrating Martin Luther King day as well as Obama’s second inauguration, the dollar ended up in mixed territories against its counterparts. EUR/USD inched 6 pips higher than its open price while USD/CHF gave up 29 pips. Read more…

Euro (EUR)

Consolidation is the name of the game! EUR/USD simply moved sideways yesterday as the pair held on to the 1.3000 major psychological level. Meanwhile, EUR/JPY had another losing day as it closed 41 pips down from its 119.90 open price. Read more…

British Pound (GBP)

And the slide continues! To start the week, GBP/USD gapped down 19 pips and continued falling until it ended at 1.5826, which was 20 pips below its opening price. Will the pound finally break its losing streak today? Read more…

Japanese Yen (JPY)

And the countdown begins! The yen pared back some of its losses against its counterparts yesterday as market players position themselves ahead of the big BOJ monetary policy announcement. GBP/JPY lost 73 pips yesterday while USD/JPY retreated from the major 90.00 handle. Read more…

Canadian Dollar (CAD)

Although USD/CAD consolidated for most of the day, the Loonie still lost a bit of ground to the Greenback as the pair closed 12 pips up from its .9919 open price. Will the Loonie have a chance to recover today? Read more…

Australian Dollar (AUD)

There weren’t any big market waves that affected the comdolls’ price action yesterday, so the Aussie was stuck in tight ranges against its counterparts. For example, AUD/USD’s range was only 11 pips before it capped the day 6 pips higher than its open price. Read more…

New Zealand Dollar (NZD)

The Kiwi was chillin’ like ice cream fillin’ to start the week as NZD/USD practically finished right where it started. The pair started the week at .8367 and dipped down to .8334 before finally returning to .8364 where it settled at the end of the day. Read more…

Swiss Franc (CHF)

The Swiss franc was on stealth mode yesterday, sneaking wins and snatching pips from the euro and the dollar. The markets were relatively quiet, but that didn’t stop it from pushing EUR/CHF down 33 pips and USD/CHF down 31 pips. Talk about being a ninja! Read more…

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