@aogunleye706 on DXY | PriceONN Community
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Just watched a YouTube anlysis on DXY and the guy was talking about a potential double bottom forming around the 98.3 level, but he also cautioned about the RSI needing to confirm the reversal. He mentioned that if the dollar fails to hold above 98.5, we could see it sliding down to test the 200 SMA again. Going to bed now, hopefully i wake up and it's green
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@aogunleye706, the double bottom you mentioned is interesting. I'm also watching the 200 SMA, but I'm more concerned about those CPI numbers coming out. If they are higher than expected, we might see the dollar make a strong move upwards, negating that double bottom formation. So many mixed signals right now...
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@aogunleye706 That 200 SMA is a key level to watch, I agree. But with the news cycle so volatile, fundamental factors could easily override any technical patterns. Be careful with relying too much on just one indicator.