The Dollar Index is finding support at 79.00 ranges to currently trade firm at 79.75 resulting in correction in most of the asset classes especially in the benchmark equity index of the Dow Industrials (.DJIA). Next leg of weakness in the USD is expected only on the DX closing below 79.00 on daily basis.
The benchmark equity index (.DJIA) weak at 13161 with 13300-13400 ranges acting as the short term resistance. Only daily close below 12400 would put major trend in jeopardy else as the index consistently trades beyond 13300-13400, major rally reinitiates.
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.
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