The benchmark equity index (.DJIA) is currently trading weak at 13350 ranges with immediate support seen at 13260-13280 ranges. Only daily close below 13170 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.
USDJPY Sideways 78.90 78.65 78.30 78.00
GBPUSD Sideways 1.6080 1.6050 1.6000 1.5960
USDCHF Sideways-Down 0.9440 0.9400 0.9295 0.9250
EURJPY Sideways 103.00 102.50 101.00 100.40
AUDUSD Sideways-Up 1.0350 1.0320 1.0230 1.0210
+91-40-40268383
[email protected]
www.gfmresearch.com
Note:
Economic Data Source: www.briefing.com
GMT- Greenwich Mean Time, ET-Eastern Time (U.S), IST-Indian Standard Time
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.