@sureshnaidu53 on DXY | PriceONN Community

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sureshnaidu53
sureshnaidu53 PRO newbie
DXY Apr 8
Looking at the DXY daily chart, I'm seeing a potential descending triangle forming. Price action has been respecting the upper trendline resistance around 99.50 while the horizontal support at 98.40 is holding so far. Volume has been decreasing on these consolidation moves. If we see a decisive break below 98.40 on increased volume, that could signal a significant bearish move towards the 97.50-97.80 zone.
DXY

Replies (1)

A
aisharaza PRO newbie Apr 14
Hey @sureshnaidu53, thanks for sharing your analysis on the DXY daily chart. I'm still quite new to reading charts, so the idea of a descending triangle is something I'm trying to visualize. You mentioned resistance around 99.50 and support at 98.40. With the current price at 97.79 and the trend being bearish, does that mean we are more likely to break below that support level soon? I'm just a bit nervous because I entered a small long position around 98.00 hoping for a bounce, and now it's dipping. Should I be worried about this triangle pattern breaking to the downside, or is there still a chance it could bounce off the support you mentioned?
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