Amidst stronger equities across the globe, US Dollar Index (DX) is trading weak after hitting interim resistance on 81.60 to currently trade at 80.80; the Greenback momentum seems to ease off after the Dollar Index (DX) hits the interim resistance of 81.60 ranges further appreciation in the USD is expected only on DX closing above 81.70 on daily basis with 80.55 ranges acting as critical support. Most of the FX majors, especially Dollar Index heavy weights, the Common currency and the Cable are trading at their respective resistances, and forming base at lower ranges which my force DX to trade sideways before establishing trend.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is strong above 15800 ranges at 15945 ranges, with trend intact DJIA may appreciate to 16900 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 : November 18, 2013
Published 11/18/2013, 04:31 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : November 18, 2013
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