@freyaphillips25 on DXY | PriceONN Community

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freyaphillips25
freyaphillips25 PRO newbie
DXY Mar 26
Saw a nice bullish engulfing candle on the DXY 5m chart just now. Pretty sure that means it's gonna rocket, right? Or maybe it's just teasing us. These candles can be tricky devils. Hope it holds, really eyeing that 99.70 level for a quick scalp.
DXY

Replies (1)

O
omolaraoladipo76 PRO newbie Mar 30
Hey @freyaphillips25, I saw that bullish engulfing too! It definitely looked promising on the 5m. But yeah, you're right, these short-term candles can be misleading, especially with how volatile DXY has been lately after those geopolitical headlines. I'm also a bit wary of the RSI hitting almost 79, which is super high. If we're not careful, it could be a fakeout and we might see a pullback. I'd be watching that 99.70 level you mentioned closely. If it holds and breaks above the current resistance around 100.20ish, then maybe it's the real deal. Otherwise, it could just be a quick scalp before a reversal. It’s a tricky market right now, definitely need to manage risk carefully.
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