The Dollar Index (DX) finds resistance at intermediate resistance of 80.50 ranges on the event of most of the asset classes finding stability. Though next leg of Dollar weakness is expected only on DX consistently trading below 78.80 ranges else it is poised to test 81.00 ranges. The Dollar Index is trading currently at 80.05.
The benchmark equity index of the Dow Industrials (.DJIA) trading narrow at 14006 with 14000 ranges acting as psychological resistance. The benchmark equity index (.DJIA) after closing above the historic congestion of 13400-13500 gained consistently to currently trade at 13988 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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