Dollar Index Trades Flat, Dow Jones Ends Strong
GFM Research | Mar 26, 2014 04:01AM ET
The Greenback tried to appreciate during most of yesterday’s European session, but the gains were evaded during mid New York session. The US Dollar Index is trading flat at 80.15 ranges after finding support at the medium term support of 79.00 ranges last week with 80.60 ranges acting as intermediate resistance; dollar weakness may extend only on daily close below 78.70 ranges.
The benchmark equity index of Dow Jones Composite is ended strong at 16380 ranges with 16500-16550 ranges still posting resistance; further rally may reinitiate only on daily close above 16650. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is have become less significant since past couple of years.
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