The Dollar Index (DX) started depreciating again after couple of days of consolidation on the event of most of the asset classes, especially the benchmark equity index of the Dow Industrials (DJIA) trading strong.
The benchmark equity index (.DJIA) is currently trading strong at 13573 ranges with immediate resistance seen at 13600 ranges; only daily close below 13110 would halt rally; though 2007 highs of 14000 ranges would act as major barrier.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis. Even the medium term trend has turned bearish after the Dollar Index breached 81.00 ranges and with immediate support seen in 78.70-78.20 ranges.
NYMEX Crude slipped bounced back more than two USD after hitting intermediate support of $87.80 ranges. Short term trend is sideways with $87.15 ranges acting as key support and $94.10 range acting as resistance.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways 1.3080 1.3030 1.2950 1.2920
USDJPY Sideways-Down 79.00 78.80 78.20 78.00
GBPUSD Sideways-Up 1.6270 1.6230 1.6160 1.6100
USDCHF Sideways 0.9370 0.9340 0.9270 0.9240
EURJPY Sideways-Up 103.20 102.80 101.40 101.00
AUDUSD Sideways 1.0320 1.0280 1.0210 1.0160
GFM Research Private Limited
Economic Data Source: www.briefing.com
GMT- Greenwich Mean Time, ET-Eastern Time (U.S), IST-Indian Standard Time
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