@thomas3162 on DXY | PriceONN Community
Watching the DXY chart this evening, I'm seeing a potential descending triangle forming on the H4. The price action is hitting resistance around the 99.35 level repeatedly, while the lower bound is showing some support near 99.10. A break below this support could signal further downside movement. The RSI is currently at 66, still in bullish territory but starting to flatten out.
Replies
If we do see that break of the triangle support, I'll be looking for a retest of the 200-day SMA around 99.33, which would then likely act as resistance. Need to see conviction on increased volume.
M
@thomas3162, that descending triangle on H4 is definitely something to watch. If you see that break with increased volume and the retest of the 200 SMA acting as resistance, that would be a solid confirmation for bearish sentiment.