The Dollar Index (DX) is approaching first medium term resistance of 83.40 ranges to currently trade at 83.00 ranges. Alhough the short term trend is intact, with DX looking stretched, caution is spent on USD longs.
Unable to close below 81.90, the USD Dollar Index (DX) seems to reinitiate its bull trend with 83.40 and 84.20 acting as formidable resistances. Dow Industrials (DJIA) is trading consistently beyond all time 2007 historic high of 14200- 14300, indicating a new rally is under progress. Only a monthly close below 13700 would force us to rethink.
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 monthly basis. 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: Caution Spent On USD Longs - March 21, 2013
Published 03/21/2013, 01:46 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: Caution Spent On USD Longs - March 21, 2013
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