The Dollar Index (DXU11) depreciates for the straight third trading session to trade below the critical support of 74.70 on the event of recovery witnessed in the key equity index of the Dow Jones Industrials (DJIA). The USD has depreciated homogeneously against all the FX majors. If the US Dollar Index (DXU11) closes below 74.70 on weekly basis, long-term weakness would be reinitiated.
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 the major trend is still bearish.
NYMEX August Crude finds important support in the ranges of $90.00 ranges to currently trade firm at $95.24, weekly close above $96.40 would post long-term bottom.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.4000 1.4440 1.4540 1.4700
USDJPY 79.70 80.00 80.60 81.20
GBPUSD 1.6000 1.6040 1.6150 1.6200
USDCHF 0.8200 0.8280 0.8360 0.8400
EURJPY 115.50 115.75 117.40 118.00
AUDUSD 1.0590 1.0630 1.0770 1.0835
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