The Dollar Index is not closing above 84.50 on monthly basis

by Admin

Market Commentary

The US Dollar continued appreciating on the event of the most of the asset classes succumbed to selling pressure. The Dollar Index (DX) is consistently trading above the critical resistance of 81.20 ranges and is poised to test 82.30 ranges with 81.70 acting as intermediate resistance.

The benchmark equity index of the Dow Industrials (DJIA) is currently trading at 13905, and may trade sideways between 14000 and 13800; on breach of 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 1.3280 1.3240 1.3120 1.3020
Sideways 94.00 93.40 92.70 92.00
Down 1.5360 1.5300 1.5060 1.4950
Sideways-Up 0.9420 0.9330 0.9250 0.9220
Sideways-Down 124.60 123.80 121.80 121.00
Sideways-Down 1.0350 1.0290 1.0250 1.0220