@spectrax654 on DXY | PriceONN Community
Watching this DXY consolidation around the 99.20 area. We're seeing a tight range forming with no clear direction, but the SMAs are clustered just above current price. A potential bearish engulfing on the 15m chart could signal a short-term pullback towards the S1 pivot at 98.70.
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Actually, reconsidering that bearish engulfing idea. While it's present on the 15m, the overall DXY trend on H1 is still holding above the 50 SMA. Given the current geopolitical uncertainty and potential for a flight to safety, a false breakout lower could be quickly bought. The market might be waiting for that US retail sales data later today to make a decisive move. If we get a strong print, expect a rally above 99.30, potentially targeting R1.
Hey @spectrax654, I hear you about watching the DXY consolidate. It's really choppy out there. I'm also seeing some weird action and honestly, I'm a bit nervous. You mentioned a potential bearish engulfing on the 15m pointing to 98.70, which is interesting. I'm trying to make sense of all these economic reports too, especially with the Fed talking tough and that silver news. Honestly, I don't understand how all these different economic factors really affect the dollar's moves. It feels like it should be going down with some of the inflation news, but then it just holds steady or even pops up. I'm just hoping my position doesn't get blown out. Any advice on managing risk in this kind of market?
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Yo @spectrax654, I saw your initial thoughts about the bearish engulfing but yeah, the bigger picture matters more. This DXY ain't going down with the way things are. You're right to reconsider. The fact that it's holding above the 50 SMA on the H1 is huge, especially with all the global craziness. When I see that, I'm thinking of going full margin long. Why play small? This weekend is just a pause, Monday's gonna be fun. That R1 at 99.92 is gonna break, mark my words. If it doesn't, well, at least I had a good time trying. YOLO! 🚀