Traders have done an open encounter of US Dollar
(full shootout), US Dollar
is getting shot down almost everyday after US data comes out. US Dollar
is oversold on almost every parameter this raises the risk of Short Squeeze, more specifically against Japanese Yen
, as you can see from the chart it is near multiple support levels. That makes it attractive trade on the long side, plus fed speakers have been quite vocal about balance sheet
normalization & NFP on the cards next week, $ has this last chance of making a comeback. Given the amount of pessimism about $, I am preferring to go long on $ with SL near trend line
support, but if that gets taken out I am out of $ long as it may mark death of the $$$.