Correction in most of the asset classes coupled with uncertainty in the Euro zone is resulting in stronger Dollar. Short-term trend is range between 78.80 and 76.40 where as the medium-term trend is range bound between 81.20 and 74.40. Historic congestion is seen at 79.80-80.40-81.20 ranges, which is expected to act as major resistance.
The benchmark equity index of the Dow Jones Industrials may trade sideways in the range of 11600 and 12300 with positive bias. Historic correlation between DX Vs DJIA is signifying USD bearishness though 74.20 ranges is expected to act as formidable support; only weekly close below 72.80 would reinitiate long-term USD bearishness.
NYMEX December Crude has lost more than 2% by the end of New York trade closing below the three figure mark, daily close below $97.00 would halt rally.
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FX Daily Report - November 18, 2011
Published 11/18/2011, 04:23 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report - November 18, 2011
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