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FX Daily Report: Long-Term Trend Still Dollar Bearish

Published 02/28/2013, 04:33 AM
Updated 05/14/2017, 06:45 AM
DX
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Market Commentary

The Dollar Index (DX) is approaching intermediate resistance of 82.30 slipped to 81.60 ranges. Unable to sustain above 82.00 ranges, it may slip to 81.00 and next 80.40 ranges.

As the Dollar Index reached intermediate resistance of 82.30 ranges, the Dow Industrials (DJIA) gained to close at one year high to currently trade at 14077; an all time high of 14100-14300 made during October 2007 may act as immediate barrier. Trading consistently above 14300 results in new rally.

Historic correlation DX Vs DJIA suggests the long-term trend is still dollar bearish until the Dollar Index doesn't close above 84.50 on a monthly 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.

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