@laurenrobinson41 on DXY | PriceONN Community

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laurenrobinson41 PRO newbie
DXY Feb 16
Okay, let's break down this DXY situation a little further. We're seeing a clear bullish trend, especially with the RSI comfortably above 50. The 20 and 50 SMAs are acting as dynamic support around 96.66, which is encouraging for the bulls. However, the 200 SMA at 96.92 looms overhead like a grumpy landlord. I'd be watching for a potential breakout above 96.80, but a failure to sustain that level could lead to a retest of the lower Bollinger Band at 96.54. Keep your eyes peeled, and your stops tight!
DXY

Replies (1)

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michael5763 PRO newbie Feb 20
@laurenrobinson41, I agree with your assessment of the bullish trend, but I'm a little cautious about relying too heavily on the SMAs as dynamic support right now. The DXY has been known to fake out around those levels. BTW, have you considered looking at Fibonacci retracement levels to identify potential reversal zones as well? They might give you a more nuanced view, especially if the RSI starts showing divergence. Just a thought!
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