Most of the FX majors are trading strong against the Greenback, wherein the Euro retested is approaching last month’s high of 1.3800 ranges; the Cable is continued appreciating against the Greenback after breaking out beyond 1.6250 ranges and seems to be heading towards 1.6600 ranges; and the Aussie tests critical support of 0.9000 ranges. The Japanese Yen finds resistance at the previous half yearly high of 103.40 ranges to currently trade at 102.75 ranges.
Now that the Dollar Index (DX) has slipped below 80.50 ranges after trading sideways between 81.60 and 80.55 for more than one week, it may further slip to an extent of 79.60 ranges with 79.25 acting as historic support.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading flat at 15986 ranges after gaining from 15800 ranges on the event of weaker USD. DJIA and may appreciate to 16700 ranges till 15600 ranges are held though there is decrease in momentum, daily close above 16060 ranges would reinitiate rally. 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 : December 12, 2013
Published 12/11/2013, 02:30 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : December 12, 2013
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