The Dollar Index (DX) corrected after hitting first medium term resistance of 83.40 to trade at 82.90. Despite the BoJ’s indirect intervention; the greenback depreciated against other FX majors. The US Dollar Index (DX) may trade sideways with medium term to long term resistances are seen 83.40 and 84.20, although the trend is still intact until it manages to hang on above 81.80 ranges. Direct correlation.
Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, historic high made during October 2007 indicating new rally is under progress. The momentum has run out of gas at 14400 ranges; only monthly close below 13700 would force us to rethink the bull trend.
Historic correlation between DX Vs DJIA suggests the long-term trend is still Dollar bearish. Until the Dollar Index doesn't close above 84.50 on a monthly basis
although the short and medium term trends are bullish.
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: April 05, 2013
Published 04/07/2013, 02:17 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: April 05, 2013
Market Commentary
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