The Dollar Index (DX) tested key support of 79.60 before Fed’s tapering announcement to soon recover after the announcement to close 80.65 ranges. Mixed trading was witnessed across the board wherein DX heavy weight, the Euro depreciated after hitting the major resistance of 1.3800 ranges; the Aussie and the Japanese Yen continued depreciating against the Greenback and the Swiss Franc recovers from the low of 0.8850 ranges. Only the Cable could appreciate against the USD after finding support at 1.6240 ranges the other day to test short term resistance of 1.6480 ranges.
The benchmark equity index of the Dow Industrials (DJIA) after finding support at 15650 ranges the other day found support at 15810 ranges to gain steeply despite Fed’s tapering move and closed strong at 16170 ranges; consistently trading above 16030 would reinitiate major 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 19, 2013
Published 12/19/2013, 02:51 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : December 19, 2013
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