The Dollar Index (DX) is approaching first medium term resistance of 83.40 ranges. It is trading tight at 83.00 ranges, until it hangs on above 81.90. DX is poised to test initially 83.40 and eventually 84.20 ranges though the momentum may decrease.
Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, the historic high made during October 2007. This indicates a new rally is under progress, but the momentum ran out of gas at 14400 ranges. Only a monthly close below 13700 would force us to rethink the bull trend.
The 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, even though 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: Long-Term Trend Still Dollar bearish - March 22, 2013
Published 03/24/2013, 03:38 AM
Updated 05/14/2017, 06:45 AM
FX Daily: Long-Term Trend Still Dollar bearish - March 22, 2013
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