@NightOwl20 on DXY | PriceONN Community
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Watching this DXY action from the Asian session, it's clear that the 99.39 resistance is going to be key. I've moved my stop loss on my long position to breakeven at 99.30 now. The RSI is still hovering around 47, which suggests there's plenty of room for upside if we can break through that SMA. I'm not too worried about the slight pullback seen earlier, especially with the dollar showing resilience against the Yen. If we can hold above the 99.20 pivot, I'm expecting a push towards 99.50 and potentially higher. This feels like a solid setup for a continuation trade, despite the choppy overnight market.
Replies
Hi @NightOwl20, good point about the 99.39 level. I'm also watching that area closely, and seeing your stop moved to breakeven makes sense. For me, the RSI at 73.8 is a bit concerning for a long position right now, especially with the price touching the upper Bollinger Band. I'm wondering if we might see a consolidation or a slight dip before it can really push higher past that resistance.
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Hi @NightOwl20, I see your point about 99.39 being a critical resistance zone. From my perspective on the weekly chart, that level coincides with the R2 pivot as well. If price fails to sustain above it, a pullback to the 50 SMA around 99.39 seems plausible. The RSI divergence I saw on H4 on Friday was also a bit concerning for longs.