This is a pair I love to short, but I think maybe current price levels are not just yet right. Maybe a better position is at 1.1272 rather than the current 1.1232.
This forex pair suffers from a number of problems including manipulation, low volume, lack of interest, etc. The technicals are not on the side of those expecting divergence from these trends. Overall, expect a continuation of this sideways move.
This pair is significantly manipulated (as stated by the US Department of Treasury), lacks volume, and therefore lacks volatility. Will likely move sideways for some time to come.
Some speculate that if there is a trade deal between the US and China DXY will weaken significantly on potential expectations that global growth will increase. However, the trend of the 2019 global growth slowdown has yet to moderate and if anything this trend is only increasing its momentum. DXY though is clearly fixed in an rising wedge, a bearish reversal...
This is much more a political risk forecast than technical or fundamental mainly because this pair is largely gravitating around this issue.
In Singapore, the currency pair against the US dollar closed on Friday with a triple top pattern indicating a bearish reversal and possible future breakthrough of floor support:Not surprisingly, this pair overshot its RSI into overbought territory and just could not eek above its resistance at 1.3618. This is a real problem for the US dollar now as the price...