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FX Daily Report: April 4, 2013

ByGFM Research
Published 04/04/2013, 12:32 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

Despite the Dollar Index (DX) correcting, meltdown was witnessed in most asset classes. Direct vs. inverse correlation has been observed in both the DX and DJIA. The US Dollar Index (DX) could trade sideways, with medium to long term resistances seen at 83.40 and 84.20. Although the trend is still intact, it manages to hang on above 81.80 ranges. This indicates direct correlation.

The DJIA is trading consistently beyond all time high of 14200-14300, a historic high made during October 2007. A new rally is under progress, but the momentum has run out of gas at 14400 ranges. Only a monthly close below 13700 would force us to rethink the bull trend.

Until the DX doesn’t close above 84.50 on a monthly basis, the historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish. However, hort and medium term trends are bullish.
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.

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