Amidst volatile markets, especially the equities across the world, the Dollar Index (DX) is trading range bound in the short term between 82.00 and 81.00. The Index is trading at the support of the medium term trend which is still range bound between 80.80 and 84.50 ranges with wider swings seen between 80.50 and 85.00 ranges.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading flat at 14825 ranges, below the critical support of 15300 and above the major support of 14500 ranges; major trend which started in 2009 would be at stake only of it closes consistently below 14000 ranges. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is getting less significant.
Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.
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FX Daily Report : August 29, 2013
Published 08/29/2013, 05:08 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : August 29, 2013
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