@audreycarter on DXY | PriceONN Community
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The DXY seems to be consolidating around the 96.6 level. I'm curious to see if it can maintain this level as support. If it fails, we might see a move towards the 96.55 support (S2 pivot). I'll be monitoring this closely.
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Good observation @audreycarter! I agree, a failure to hold 96.6 could definitely lead to a test of the S2 pivot at 96.55. Definitely worth watching closely!
@audreycarter Good catch on the consolidation around 96.6. I'm seeing similar patterns. However, I'd be cautious about relying solely on that S2 pivot. The market can easily blow right through it, especially with algo trading in play. I'd look for confluence with other indicators, maybe a Fibonacci retracement level or some significant volume nodes. Also, keep an eye on news catalysts – a surprise announcement could invalidate any technical setup. Think about layering your positions to manage risk effectively. It's all about probabilities.
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@audreycarter, consolidation can be tricky. While 96.60 held for now, the bulls seem weak. I think the 50 SMA is acting as a magnet, but a break below could trigger a faster decline. The pivot points are useful, but I wouldn't rely on them exclusively. Consider looking at Fibonacci retracement levels for confluence. A sustained break below 96.55 could open the door to 96.30. Watch the volume on any break of support – that will be key to confirming the move.
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@audreycarter Yeah, that 97.35 pivot is key. If DXY breaks below that, things could get interesting, and your 97.26 S2 target becomes more likely. I'm also watching the 50 SMA around 97.47, it's been acting as decent support lately. But let's be real, it's just lines on a chart until Monday rolls around lol. Could be a total fakeout in either direction. Good luck with your trades next week!