The Dollar Index (DX) is correcting after hitting intermediate resistance of 84.50; with common currency, the Cable and the Aussie testing respective supports, pullback was observed leading to the Greenback depreciating across the board. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued to make new highs; it seems the correlation between DJIA Vs DX is getting lesser significant, wherein historic inverse correlation is not observed since last couple of weeks with both the indices appreciating.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to make new highs; the major trend is still intact until DJIA manages to trade above 14860 ranges.
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 88.40 on a monthly basis. The short and medium term trends are bullish until they manage to close above 83.40 ranges on a daily basis.
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: May 21, 2013
Published 05/21/2013, 02:47 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: May 21, 2013
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