The US Dollar Index is approaching critical support of 78.20 and the key equity index of the Dow Jones Industrials is trading at the 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. DJIA is entering supply zone of previous year highs of 12900 ranges it may trade sideways with bullish undertone; only consistent close above 13000 would reinitiate major rally. DXH2 may trade sideways between 80.10 and 78.20. 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 couple of subdued trading sessions, rallied smartly from $95.00 ranges to currently trade firm at $99.10 ranges. Correlation between CLH2 and DJIA has again turned positive. The major trend is intact
till it manages to close consistently above $89.00 ranges on weekly basis; the short term trend is also turning bullish targeting $101.00 ranges.
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FX Daily Report - February 09, 2012
Published 02/09/2012, 04:00 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report - February 09, 2012
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