Increase in Michigan Sentiment pushes the U.S Dollar to furthers highs on Friday; the Greenback continued strengthening for the consecutive week after the Dollar Index (DX) hitting low of 72.89 ranges couple of weeks earlier.
Benchmark equity index of the Dow Jones Industrials (DJIA) unable to trade beyond 12800 ranges weakened on Friday resulting in the DX strengthening beyond 75.50; the Dow needs to close above 13000 for bull trend to establish; Historic correlation between the DX Vs DJIA suggests further strengthening if the DX for couple of days more.
NYMEX Crude June basis after finding support at $95.00 ranges, is again at $99.34; only weekly close above $104.50 the trend may become sideways with weaker bias targeting $88.00 over couple of weeks.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3720 1.3990 1.4150 1.4223
USDJPY 80.00 80.50 81.20 82.00
GBPUSD 1.6030 1.6145 1.6230 1.6280
USDCHF 0.8820 0.8877 0.8990 0.9024
EURJPY 112.00 112.80 115.00 115.60
AUDUSD 1.0355 1.0496 1.0620 1.0740
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