WASHINGTON, D.C. – Global market is holding its own as trading week starts while waiting for new updates on the US-China trade agreement.
From the 98.50 marks, the dollar index came off to 97.93, after seeing a trading range between 98.50 and 98.20 from last week. If the current resistance stays strong, the dollar index could potentially go down on the downside to 97.50, before it could bounce back to 98.50 onwards. Overall, the dollar’s sentiments look bullish in the long term.
On the other hand, Euro rose well from 1.10 mark to its current 1.1061. It is expected to test the range between 1.1094 and 1.11 before it starts going down from there. The current 108.81 for the Dollar-Yen pair from the 108.50 marks seems like decent support and likely to rose towards 109.50 to 110 mark near term.
EUR-JPY pair also rose sharply from over 119 to its current 120.36 and is expected to continue towards 121 to 122 as the term nears.
Pound at its current 1.2927 marks is trading sideways while the Australian dollar had bounced back to 0.6817 from its 0.6769 marks last week.
On stocks, the Dow Jones is starting to go uptrend, rising towards the expected 28,000, although the outlook on testing the index at 28,250-28,400 this week remains bullish.
Nifty, Sensex, and Dax, on the other hand, can strengthen before going to an uptrend.
Nifty has closed last week’s session on a conflicting note and is expected to remain range-bound at 11,800-12,050. Sensex is expected to sustain the 40,000 marks and break the current 40,750 to 41,100. DAX has continued to strengthen in a narrow range between 13,100 and 13,300. Its uptrend is expected to stay intact, which could bring DAX to a range of over 13,300 in the coming days.
On the other hand, Shanghai is weak and vulnerable. It has to go past the 1,920 marks for relief against the downtrend. On Friday, Nikkei has bounced well and held to its gains on the first trading day. Surpassing the 23,500 marks will signal its uptrend, but that is yet to be seen.
In Commodities, Gold remains over the 1,440 support but struggles to go over 1,480 today. Silver is at 16.88 and could stay in 17.35/40 on the top side, while expected to have a bearish trend at the medium trend. Copper is also trading upside and could increase in medium trend to 2.75/80, but remains bullish over the 2.60 marks.