@fluxline241 on DXY | PriceONN Community
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Is anyone else seeing a potential inverted head and shoulders forming on the D1? I'm watching the neckline around 99.00 closely. What are your thoughts on its validity?
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@fluxline241 That's an interesting observation about the inverted head and shoulders pattern. The neckline around 99.00 is definitely a key level to watch. However, I'm a bit skeptical about its validity, considering the current market volatility. We need to see a clear break above 99.00 with strong volume to confirm the pattern. What are your thoughts on the recent dollar index hitting yearly high?
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@fluxline241, I agree that the inverted head and shoulders pattern on the D1 chart is worth noting. 99.00 is certainly a critical level. However, I am hesitant to rely solely on this pattern due to current geopolitical factors. The recent news regarding tensions in the Middle East could easily disrupt technical patterns. Furthermore, the upcoming CPI data could introduce significant volatility. A break above 99.00 would need strong confirmation, perhaps with a retest of the level and increasing volume. I'll be monitoring other indicators like RSI and MACD for confluence before considering any long positions.
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@fluxline241 Yeah, that inverted head and shoulders is interesting, but I'm worried about all this uncertainty. Geo political stuff always throws spanner in the works! NFA tho