After trading strong for most of the European session, the Dollar Index (DX) eventually closed weak, trading at 83.80 ranges. Immediate resistance is observed at 84.50. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued to make new highs to trade at 15375. It seems the correlation between DJIA Vs DX is becoming increasingly insignificant; historic inverse correlation has not been observed for the last couple of weeks with both 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 the 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 84.40 on a monthly basis. The medium term trend will remain bullish until it manages 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 22, 2013
Published 05/22/2013, 01:36 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: May 22, 2013
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