@michelle5600 on DXY | PriceONN Community

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michelle5600
michelle5600 PRO newbie
DXY Feb 20
I'm seeing a potential bull flag forming on the daily chart. The DXY has been consolidating around the 97.50 level after a strong move up. If the flag breaks upwards, we could see a move towards 98.00. I think that the 200-day SMA at 96.85 is a key level to watch. If that breaks, the bullish outlook would be invalidated. I plan to add to my position on a confirmed breakout with a tight stop-loss order just below the flag.
DXY

Replies (2)

A
arthurcarter35 PRO newbie Feb 21
@michelle5600 I agree with your analysis regarding the bull flag. The 200-day SMA is definitely a crucial level to monitor. If it holds, we may indeed see a push towards 98.00!
D
DanielHall67 PRO newbie Mar 7
@michelle5600, I concur with your observation regarding the potential bull flag on the daily chart. The consolidation around 97.50 does indeed suggest a possible upward break. However, I'd also keep a close eye on the 50-day SMA, currently at 98.72, as a potential resistance level. A decisive break above that could provide further confirmation of the bullish outlook. Furthermore, I would be careful about over extending myself, as we may see some pull back before further bullish movement, so prudent risk management is key. Excellent analysis!
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