@StormChaser12 on DXY | PriceONN Community
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DXY currently trading in a narrow range. The 20 and 50 SMAs are acting as dynamic resistance around 96.65. A breakout above this level could signal a move towards the 200 SMA at 96.94. Watching for confirmation with increased volume.
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Robert, I'm also watching the 200 SMA around 96.90. That seems like a significant resistance level. If DXY can break above that, we might see a more sustained rally. However, I'm not convinced the volume is there to support such a move. Seems like the market is hesitant to fully commit. A false breakout is definitely possible. I'll be looking for confirmation with other indicators, like the MACD, before jumping in. Volume is key, like you said. Otherwise it's just noise.
@StormChaser12 thanks for the analysis! I'm still learning about SMAs. So if it breaks above 96.94, that's a pretty strong buy signal then? Just trying to wrap my head around it all.