Stronger equity bourses led to profit taking in the Greenback. After the Dollar Index hit resistance zone of 79.80, long liquidation was observed; 76.00 ranges is expected to again act important support. Historic resistance is seen in the ranges of 79.50 to 80.20 to 81.30.
Key equity index of Dow Jones has found support again in the ranges of 10500-10600 ranges and recovered more than 500 points to currently trade at 11200+ ranges. Historic correlation between DJIA Vs DX suggests short-term top being posted in the USD and short-term bottom being posted in the Dow.
NYMEX November Crude after testing support of $75.50 posted smart recovery to trade currently at $83.50; daily close above $80.20 suggests short-term bottom has been posted with immediate targets being $86.00 and $88.20.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3280 1.3330 1.3530 1.3585
USDJPY – 76.00 77.40 78.00
GBPUSD 1.5410 1.5510 1.5730 1.5820
USDCHF 0.9000 0.9100 0.9260 0.9330
EURJPY 102.10 102.60 103.70 104.30
AUDUSD 0.9630 0.9710 0.9900 0.9980
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