The Dollar Index (DXU11) depreciates for the straight second trading session on the event of recovery witnessed in the key equity index of the Dow Jones Industrials (DJIA). Most of the depreciation was contributed by the Euro, other three majors, the Cable, the Japanese Yen and the Aussie Dollar traded flat.
The US Dollar Index (DXU11) is expected to test 77.00 till 74.70 ranges remain intact, only weekly close below 74.70 would reinitiate long-term weakness in the USD, in contrary only multiple closes above 77.20 would post short-term bottom in the US Dollar.
Key equity index, Dow Jones Industrials (DJIA) finds support again in the ranges of 11900; major support is seen in the ranges of 11650-11700. Historic correlation between DJIA Vs DX suggests sideways to stronger USD though the major trend is still bearish.
NYMEX August Crude finds important support in the ranges of $90.00 ranges to currently trade firm at $93.46, consistently trading above 92.50 would post short-term bottom at $90.00
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4230 1.4300 1.4400 1.4440
USDJPY 80.50 80.76 81.15 81.60
GBPUSD 1.5910 1.5940 1.6050 1.6070
USDCHF 0.8200 0.8280 0.8360 0.8400
EURJPY 115.50 115.75 117.40 118.00
AUDUSD 1.0450 1.0500 1.0600 1.0623
For trading calls, contact us at
+91-40-40268383
[email protected]
www.gfmresearch.com
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.