@cokafor430 on DXY | PriceONN Community
I was watching this analyst on YouTube earlier, and he was talking about how the DXY has been consolidating around the 99.30-99.40 area. He mentioned that the 200-day SMA is just slightly below current price, which historically can act as a support zone. He seemed a bit hesitant though, given the geopolitical news.
Replies
Still, I'm keeping an eye on that 99.45 resistance level he pointed out. Breaking above that might be the signal I'm waiting for.
He also brought up the Strait of Hormuz disruption and how that could indirectly affect the DXY if it sparks serious inflation fears globally. It's tricky because that news usually sends investors towards safe havens, which can boost the dollar, but at the same time, if it causes major economic slowdown, that's bad for any currency. He was leaning towards a short-term bounce for DXY, but with extreme caution due to the unpredictable nature of current events. Personally, I'm not convinced it's ready to make a big move either way yet, still feels like it's on the fence. His point about the 200 SMA being so close to the current price, around 99.19, is interesting though. If it dips hard, that could be a buying opportunity, but I'm not ready to jump in.