Major FX Levels Being Defended

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EUR/USD daily trend line support near 1.2880, GBP/USD at the 1.6000 level, AUD/USD at 1.0150, NZD/USD at .8150 and the USD/CAD at .9800.

The market is not stupid. Most participants know that if the USD is allowed to strengthen in a meaningful way against the major currencies above, then based on correlation analysis the equity market longs will have “hell to pay.” It’s in their best interest to continue to sell USD’s against those levels.

Key support is daily trend line support at 1440 on the ES’s, and for all the bulls out there, that level better hold up (and the above FX levels too).

ES critical 1440 support and Fib support

DX daily trend line test

SPX and UUP inverse relationship

Disclaimer: I am long USD/SEK and USD/CAD and have been for more than a week

 

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About Blake Morrow

Blake Morrow is the Chief Currency Strategist for Wizetrade. Blake has over 15 years of trading experience and has been a co- owner of a Dallas based brokerage firm and LiquidTrader Technologies. Currently, Blake does analysis daily for thousands on individual traders, also has appeared as a regular analyst on WizetradeTV, Traders Television and MBT Vision. Blake has also managed 6 figure trading accounts and is a seasoned individual investor in equities and FOREX.