sp 500
At this moment all forex market relies in the performance of SP500, and we are in a very indecisive point we are at the EMA 200 Daily which if it is broken and price goes up we can say we are already in bullish tendency, otherwise if the ema is tested and the price goes down we are still in bearish territory, you can see in the chart how the level was previous tested and the the price went down and on tuesday we saw a very choppy market because all traders since hedge funds until retail trader were waiting for bearish or bullish price action and how you can see the last hour of the NY session was bearish.
I say all forex market relies on sp500 because this level in sp500 is the most important thing at this moment if sp500 goes up risky currencies such as aud, nzd, gpb, mxn, zar, including eur will strenghten in the other hand if sp500 goes down the "safe haven" will benefit these are usd and jpy. You can also see this relation in how yesterday forex market was choppy very similar to sp500.
Conclusion: to make a desicion about forex market i would pay close attention to sp500 performance.
I say all forex market relies on sp500 because this level in sp500 is the most important thing at this moment if sp500 goes up risky currencies such as aud, nzd, gpb, mxn, zar, including eur will strenghten in the other hand if sp500 goes down the "safe haven" will benefit these are usd and jpy. You can also see this relation in how yesterday forex market was choppy very similar to sp500.
Conclusion: to make a desicion about forex market i would pay close attention to sp500 performance.
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