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US Dow Jones Trades at Critical Support, Break Could Force US Dollar and Japanese Yen Strength
Tuesday, 18 November 2008 13:50:36 GMT
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The US Dow Jones Industrials Average opened the day almost squarely at critical 10-year support levels, and a break lower could force immediate US Dollar and Japanese Yen strength. The chart below shows that a break of said Dow Jones would likely eye a move towards subsequent spike-lows closer to the 7,500 mark. Such a tumble could prove disastrous for broader risk sentiment, and a flight to safety could produce sharp Japanese Yen and US Dollar strength. The next several days of US Dow Jones price action could prove critical for global equity markets and forex markets alike, and we will keep track of the Dow here on DailyFX.com.
US Dow Jones Industrials Average Weekly Chart
Written by David Rodríguez, Quantitative Analyst for DailyFX.com
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