The U.S Dollar continued depreciating after breaking critical support of 74.825. Bear trend seems to sustain till the daily close is not beyond 75.20. Only daily close above 75.60 would post short-term bottom.
The Dow Jones Industrials (DJIA) is trading consistently above the major support of 12400 ranges, DJIA Vs DX (Dollar Index) correlation suggests weakening of the U.S Dollar. Caution is spelt out in case of DJIA as it is entering major resistance zone of 12500-12700. Important support for DJIA is seen at 12400 ranges and key resistance for DX is seen at 75.50 ranges. NYMEX Crude June basis stabilized at $106 ranges and currently trading at $112.70 ranges.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4430 1.4500 1.4630 1.4715
USDJPY 80.70 81.50 82.60 83.40
GBPUSD 1.6390 1.6460 1.6580 1.6672
USDCHF 0.8740 0.8770 0.8900 0.8956
EURJPY 118.50 119.00 120.70 121.30
AUDUSD 1.0630 1.0690 1.0778 –
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