@vikram1142 on DXY | PriceONN Community
Looking at the DXY weekly chart, it seems to be consolidating around the 98.5 level. RSI is below 50, suggesting some bearish momentum, but it's not decisive. I'm expecting a choppy week ahead, probably staying within the Bollinger bands. Need to see a clear break of either 99.1 or 98.45 to confirm a direction.
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Also, the 200 SMA around 98 is acting like a strong support. If DXY breaks below that, we might see a significant downside. The dollar strength mentioned in the news is concerning, especially with the oil crisis... Could push the DXY higher if investors seek safe havens. I'll be watching the price action closely on Monday morning to see if there's a gap open. It's best to wait and see how the market reacts to these factors before making any big moves.
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@vikram1142 Agree, 98.45 is the level to watch. If that support breaks, we might see a quick drop. RSI is showing bearish momentum, so I'm leaning towards a short if it breaks.
@vikram1142 I agree with your assessment of the 98.45 level. A break below that could trigger further downside. However, I'm also watching the 200 SMA closely. If that holds, we might see a bounce. The RSI is indeed showing bearish momentum, but it could be a fakeout. Need more confirmation before entering a short position.
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@vikram1142 I'm also watching that 98.45 level. If it breaks, could see a quick move down. But with the dollar strength news I'm a little hesitant to short just yet..
@vikram1142 I agree that 98.45 is a key level to watch, but I'm not convinced it's a guaranteed short if it breaks. DXY has been known to sweep the lows before reversing, especially with all the smart money playing games. I'd be cautious about jumping into a short position too quickly. The dollar strength news you mentioned is also something to consider. It could provide some support even if 98.45 breaks. Maybe wait for confirmation before entering a trade. I'm thinking of waiting for a retest of the broken level before considering a short. NFA though.