You can wait for the small wave up for a better entry
Seasonality : August has been a bearish or at the least, challenging month for DXY US currency index for multiple years
August is also a holiday season and demand for foreign currencies increase.
The weakness in the US dollar at the end of the year is driven by US tax legislation. Many US-based companies save on their tax liabilities by reporting small amounts of cash at the balance sheet date at the end of the year. It can be worthwhile to shift money to the accounts of overseas subsidiaries.
The resultant additional demand for foreign currencies affects the exchange rate. This is why the US dollar typically declines at the end of the year.
Chart : We have healthy bearish pattern at top of the channel - You can wait for MACD indicator go ahead for short entry
Seasonality : August has been a bearish or at the least, challenging month for DXY US currency index for multiple years
August is also a holiday season and demand for foreign currencies increase.
The weakness in the US dollar at the end of the year is driven by US tax legislation. Many US-based companies save on their tax liabilities by reporting small amounts of cash at the balance sheet date at the end of the year. It can be worthwhile to shift money to the accounts of overseas subsidiaries.
The resultant additional demand for foreign currencies affects the exchange rate. This is why the US dollar typically declines at the end of the year.
Chart : We have healthy bearish pattern at top of the channel - You can wait for MACD indicator go ahead for short entry