FX Daily Report : April 12, 2013
GFM Research | Apr 14, 2013 01:28AM ET
The Dollar Index (DX) is trading near the short term support of 81.80; only daily close below 81.80 would result in further Dollar bearish sentiment. Amidst stronger benchmark equity index of the Dow Jones Industrials (DJIA) the Euro, GBP and the Aussie continued to appreciate against the Greenback whereas the Japanese Yen showed mild weakness.
Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, historic high made during October 2007 indicating new rally is under progress but the momentum has run out of gas at 14400 ranges; only monthly close below 13700 would force us to rethink the bull trend.
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 though the short term and medium term trends are bullish.
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