The Dollar Index (DX) is still trading sideways with the short term trend still range bound between 81.60 and 80.55; further trend would be established on either side breakout on daily basis. Most of the FX majors are trading mixed bag wherein the Common currency and the Cable are trading near their respective resistances of 1.3600 and 1.6200 ranges; the Aussie and the Japanese Yen are trending weak though stabilized during yesterday’s trade.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is strong above 15800 ranges to currently trade at flat at 16100 ranges with signs of decreasing momentum though the trend is intact in case of DJIA and may appreciate to 16700 ranges till 15600 ranges are held. 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 26, 2013
Published 11/26/2013, 04:06 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : November 26, 2013
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