@daniel1997 on DXY | PriceONN Community
Watching DXY consolidate around the 97.90 level here. Given the recent data suggesting dollar weakness and the narrow Bollinger bands, I'm expecting a potential breakout to the upside soon. The 20 and 50 SMAs are converging right at current price, acting as immediate support, while R1 at 97.97 is the first hurdle. If we can clear that and hold, I see a move towards the 200 SMA at 98.59.
Replies
Actually, thinking more about that potential breakout I mentioned, if DXY manages to break decisively above R1 at 97.97, I'd look for confirmation on the H4 chart. We're seeing some decent buying volume starting to creep in here during the Asian session, which is unusual for this time. This could be driven by that recent UK GDP news potentially strengthening GBP, which often correlates with a weaker dollar. So, if we get a solid close above 98.00, I'll be looking to enter a long position with a tight stop loss just below the pivot. It's still early, but the signs are lining up for a short-term bullish move here.
S
Hey @daniel1997, I see you're watching for a DXY breakout to the upside. I'm also looking at it but I'm kinda nervous. It's been so choppy around 97.90, I don't know which way it'll break. I saw that news about the S&P 500 smashing through resistance, maybe that means the dollar will get stronger too? Or does it mean the opposite? It's all so confusing when the news is happening live. I'm just watching my small long position and hoping it doesn't tank.