The US Dollar appreciated across the board

by Admin

Market Commentary

The US Dollar appreciated across the board, wherein the GBP continued to depreciate the most after breaching critical support of 1.5310 ranges. 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.

On the event of the US Dollar appreciating the benchmark equity index (.DJIA) could not hang on near the psychological resistance of 14000 mark and succumbed to selling pressure to currently trade at 13900 ranges, 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 1.3360 1.3320 1.3220 1.3130
Sideways 94.50 94.00 93.40 92.70
Down 1.5360 1.5300 1.5060 1.4950
Sideways-Up 0.9420 0.9330 0.9250 0.9230
Sideways-Down 126.00 124.60 122.80 121.80
Sideways-Down 1.0320 1.0280 1.0180 1.0140