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.
NYMEX Crude after finding support at $88.50 ranges continued appreciating to make a high of $92.90 during yesterday’s trade, but is currently trading with mild weakness at $92.05. Short term trend is sideways with $87.15 ranges acting as key support and $94.10 range acting as resistance.
FX Pair Trend Resistance 2 Resistance 1 Support 1 Support 2
EURUSD Sideways-Down 1.2980 1.2920 1.2800 1.2740
USDJPY Sideways 78.80 78.50 78.00 77.60
GBPUSD Down 1.6090 1.6050 1.5920 1.5890
USDCHF Up 0.9460 0.9440 0.9370 0.9340
EURJPY Sideways-Down 101.90 101.10 100.00 99.30
AUDUSD Sideways 1.0290 1.0260 1.0200 1.0160
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Note:
Economic Data Source: www.briefing.com
GMT- Greenwich Mean Time, ET-Eastern Time (U.S), IST-Indian Standard Time
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