The US Dollar Index is trading consistently above 79.00 ranges which have been acting as formidable support since April 2012. Next leg of Dollar weakness can be expected only on DX closing below 78.50 on weekly basis.
The benchmark equity index (.DJIA) after closing above the historic congestion of 13400-13500 gained consistently to currently trade at 13978 ranges with 14000 mark acting as psychological barrier and 14200 ranges being historic high.
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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