GFM Research Private Limited
GFM Research Private Limited
Market Commentary
The Dollar Index (DX) again finds support at 79.40/ 79.50 ranges with medium term support is seen at 79.00 ranges; Dollar weakness may extend on weekly close below 78.70 ranges else the medium term trend is still range bound between 79.00 and 81.40.
DX heavy weights, EURUSD and GBPUSD after approaching their respective historic resistances of 1.3920 and 1.6820 respectively, depreciated about 80 pips each. Only daily close above the said ranges would result in commencement of new leg up for the Euro and the Cable.
As against the historic inverse correlation between the Dollar Index (DX) and the benchmark equity index of Dow Jones Industrial Average (DJIA direct correlation is witnessed since couple of trading sessions. DJIA slips again from the major resistance zone of 16500-16600 ranges to test critical support of 15950; further rally may reinitiate only on daily close above 16650 else weakness may extend only below 15950 ranges.
This report contains the viewpoints of GFM Research. 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 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.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.