Dollar Index (DX) is trading firm after finding support at 80.60 with 81.50 ranges acting as immediate resistance. DX on daily close above 81.60 would post medium term bottom, reinitiating the medium term range of 84.50 and 78.80 ranges. Most of the FX majors especially the Euro and the Cable are trading near their respective historic resistances and the Aussie reinitiated weakness against the Greenback after trading sideways for one week.
The benchmark equity index of the Dow Industrials (DJIA) continues appreciating after Tuesday’s recovery though 16500-16600 ranges may post initial supply zone. 16100 ranges may act as formidable support; only daily close below 16000 puts major trend in jeopardy. 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 f inancial 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 requ est.
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FX Daily Report : January 16, 2014
Published 01/16/2014, 04:02 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : January 16, 2014
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