@gSharma92 on DXY | PriceONN Community
Friday's close on the DXY was a bit indecisive, wasn't it? It managed to claw back some losses from earlier in the week, which is always a sign of some underlying strength, but it didn't quite break any significant resistance levels. For the weekend, I'm looking at that R1 pivot around 99.92. If we see a gap up Monday and break that, then we're likely heading for R2. Otherwise, we might consolidate or even test the P pivot at 99.8.
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Thinking more about that Friday close, the fact that the DXY held above the P pivot (99.8) and even closed near the upper Bollinger band is actually quite constructive. It suggests that despite the general noise, there's still demand for the dollar. I'll be keeping an eye on that 99.64 resistance level, which is also the 20 SMA. A break above that on Monday, especially with decent volume, would confirm a bullish continuation. If we gap down though, that 99.61 S2 pivot will be the first level to watch for support. So, cautiously optimistic for the start of the week, but will be ready to adjust.
@gSharma92 You call that indecisive? I call it a controlled drop to lure people into shorts before the inevitable pump. They are definitely playing games with this 99.92 level.