For some reason there is a delusional expectation that the USD will rally due to Trump and "interest rates". I strongly believe it will fall during 2017.
Strong bear divergence in the RSI, as well as the fact that the RSI has rolled over.
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There will be a mountain of issues regarding the USD during fiscal 2017; all other countries are easing while the fed talks "raises", Trump will test relationships globally, and the Eurozone is struggling to survive.
The fed and government both do not want to have a high USD, and I believe globally people will turn further towards precious metals, rather than the USD.
The USD is only currently showing decent strength because the rest of the world's currencies are extremely weak, not because the US is strong.
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Just look at that wick forming on the 1W, this thing looks primed to tank to sub 100 levels in the near future.
On technical side,many independent analysts i follow,do share your view..current level unsastainable and hurting US economy..and FED and its bank proxies are aware of that..i took a small position on Australian Dollar couple of days ago at 71.80 level following a top advice from forex trader and holding this position to TP 74..in couple of weeks we may see USD going testing 100 levels again..and good responds favourably 1172 at the moment..
GOOD AND PROSPEROUS TRADING TO EVERYONE IN 2017!!
@leonarddavidson60, I do not follow the aussie dollar, however I truly believe we will see sub 100 levels soon on the DXY.
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@Perseus, i do not follow it either..but some of the traders , i ve been associating with for many years,use it as an idicator for DXY.....it is more often than rare,when aussie shows on charts that it may break out to the the upside ,the DXY falls in short time..and ,for some reasons,it is showing more correlation than yen...which has always been a good indicator for Gold..
Aussie jumped ,but im still holding to TP 74..by that time we may see DXY testinng 100 levels and gold 1200..fingers crossed..
GOOD AND PROSPEROUS TRADING TO EVERYONE IN 2017!!