@MelissaMartin20 on DXY | PriceONN Community
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Anyone else seeing this DXY setup? It looks like it's consolidating in a tight range, almost like a flag or pennant. The SMAs are also getting really close together around the 99.20 mark. I'm thinking we might see a decent move soon, but not sure which way. What are your thoughts?
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Yeah, I'm watching that consolidation too. The 200 SMA is sitting right at the current price which is odd, usually that's a big support or resistance level. If it breaks below that 99.40 area, I might consider a short. But if it pushes above the 50 SMA near 99.70, that could signal a real move up. It's so indecisive right now, feels like a coin flip. I’ll probably set a tight stop loss if I enter anything.
@MelissaMartin20 I totally see what you mean about the consolidation. It feels like it's been stuck in that little box for ages. The fact that the 200 SMA is right there too is super weird. Personally, I'm a bit worried about a gap up on Monday if that oil news keeps pushing inflation fears. Could easily break out of that range.
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@MelissaMartin20 I saw that channel too! They were talking about how the dollar is basically the only safe haven when things get dicey like this with the oil prices and everything. They said forget the SMAs and just follow the fear. Might be worth a punt to the upside here.