On consistently trading below 13800 ranges

by Admin

Market Commentary

The US Dollar appreciated across the board resulting in deep sell of in the benchmark equity index of the Dow Industrials (DJIA). The Dollar Index (DX) is consistently trading above the critical resistance of 81.20 ranges and is poised to test 82.30 ranges.

Deep sell off was seen in DJIA unable to sustain around the psychological resistance of 14000 ranges; on consistently trading below 13800 ranges, it is poised to retest historic congestion observed in the ranges of 13500-13600.

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.

Down 1.3220 1.3180 1.3040 1.2910
Sideways-Down 94.00 92.80 91.60 91.00
Down 1.5300 1.5220 1.5060 1.4950
Sideways-Up 0.9420 0.9350 0.9280 0.9250
Down 124.60 122.40 118.00 117.00
Sideways-Down 1.0360 1.0290 1.0180 1.0150