The US Dollar Index has hit the short-term resistance of 79.80 ranges during yesterday’s New York trading session and has started weakening since today’s Asian trade; daily close below 79.10 would drag DXH2 towards the short-term support of 78.20 ranges.
Dow Jones Industrials is trading is trading firm near to last year highs of 12900 ranges ; DJIA Vs DX correlation suggests a word of caution though the major trend of the Greenback is bearish and the major trend of the Dow is bullish, both may trade sideways before resuming respective trends. Consistent daily close above 13000 would reinitiate major rally in the Dow Industrials.
The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude after finding support at $96.00 ranges is currently trading at $101.65. Correlation between CLH2 and DJIA has again turned positive again with both DJIA and CLF2 trading firm. The major trend is intact till it manages to close consistently above $89.00 ranges on weekly basis; the short term target of 101.50 has been hit, daily close above $102.00 would result in further rally to $105.60 ranges.
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FX Daily Report - February 15, 2012
Published 02/15/2012, 03:04 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report - February 15, 2012
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