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Two Forex Pairs Stand Out On Monday

S/P futures, the global market read on daily risk tolerance, found support at a major swing point overnight, and in finding buyers at 1050 allowed the dollar index to find sellers at 88.80. The automated way in which global markets stay connected throughout any given 24 hour period allows forex momentum to follow the buying or selling of risk, (the buying or selling of stocks).

The inverse Equity/Usd moves are connected each day, the only question is; to what degree, and right now it is as close to 100% correlation as traders will ever see. S/P trade will need to break 1075 and then 1105 to allow forex pairs to break the stranglehold that the Usd has them in.

Conversely, for the Usd to be able to push the dollar index through a resistance point that has held steady in 2004, 2005, 2008, and 2009, the S/P market will need to be breaking lower to test 1035 and 1015.

|Without these price-points being tested, forex traders will be looking at intra-day trading that is contained within the previous session high or low. Usd/Jpy is bouncing off 91.40 support at the 100-day SMA, Usd/Cad has the 200-day SMA at 1.0460, but outside of those two, most forex pairs are now free and clear of Daily chart price points of note.

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Disclosure: No Position