FX Daily Report: May 14, 2013
GFM Research | May 14, 2013 03:53AM ET
After the Dollar Index (DX) appreciated from 81.80, it is trading at 83.06 with 83.50 acting as intermediate resistance. A daily close above 83.50 ranges would open room for the Dollar Index to appreciate further to 84.16 and 84.80 ranges next. The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading flat at 15100. It seems the correlation between DJIA Vs DX is getting less significant, wherein historic inverse correlation is not observed since last couple of weeks.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to new highs, and is trading at 15100 ranges; the major trend is still intact until the DJIA manages to trade above 14860 ranges.
The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 84.40 on a monthly basis. The medium term trend is range bound between 81.80 and 83.40 with stronger bias.
Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.