The Dollar Index (DX) is trading in tight range in a dull session, as observed across asset classes. Medium term trend range is bound between 83.40 and 81.80 with positive bias; intraday support is observed at 82.60 ranges. Historic correlation between the bench mark equity index of Dow Jones Industrials (DJIA) and DX suggests positive bias still prevailing for the US Dollar.
Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, a historic high made during October 2007. This indicates a new rally is under progress, but the momentum has run out of gas at 14800 ranges. Only a monthly close below 13700 would force us to rethink the bull trend.
The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 84.50 on a monthly basis. 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 23, 2013
Published 04/23/2013, 02:29 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: April 23, 2013
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