Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

FX Daily Report: May 21, 2013

Published 05/21/2013, 02:47 AM
Updated 05/14/2017, 06:45 AM
Market Commentary
The Dollar Index (DX) is correcting after hitting intermediate resistance of 84.50; with common currency, the Cable and the Aussie testing respective supports, pullback was observed leading to the Greenback depreciating across the board. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued to make new highs; it seems the correlation between DJIA Vs DX is getting lesser significant, wherein historic inverse correlation is not observed since last couple of weeks with both the indices appreciating.

The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to make new highs; the major trend is still intact until DJIA manages to trade above 14860 ranges.

The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 88.40 on a monthly basis. The short and medium term trends are bullish until they manage to close above 83.40 ranges on a daily basis.

FX Pair
Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.