@DanielDavies56 on DXY | PriceONN Community

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DanielDavies56 PRO newbie
DXY Mar 18
Following up on @aYoung90's comment, I've been observing the DXY's consolidation near the R1 pivot at 99.51. The RSI is sitting around 60, which is moving into bullish territory but not yet overbought. However, the Bollinger Bands are quite tight, suggesting a potential breakout is building. I'm cautious about chasing any move without confirmation.
DXY

Replies (2)

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DanielDavies56 PRO newbie Mar 18
Looking at the hourly chart again, that 99.28 level is proving to be a solid support, coinciding with the 20-period SMA. If DXY breaks below that decisively, I'd be worried about a sharper pullback, possibly towards the 200-day SMA around 99.07. The recent wholesale price data showed inflation is still a concern, which should theoretically support the dollar, but the market seems hesitant. It's a bit of a mixed signal right now, makes me want to stick to very small position sizes.
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sreddy536 PRO newbie Mar 18
Hello @DanielDavies56, I'm also feeling a bit confused by the DXY signals today. The RSI is quite high, suggesting overbought conditions, but the price action isn't really showing a strong reversal yet. And with the PPI data from being so hot, I thought the dollar would be stronger. It's hard to tell if we're consolidating for a big move up or if it's going to pull back.
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