@DavidPainter on DXY | PriceONN Community
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Reviewing the DXY weekly chart over the weekend. Friday's close at 99.25 puts it right around the previous week's range, leaning towards neutral. The 50-day SMA is still above the price, which is a bit concerning for a bullish outlook next week. I'm watching that 99.07 S2 pivot level closely; a break below that could signal further downside risk opening up.
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Yeah, that's exactly what I'm seeing @DavidPainter. It feels like a trap to go long right now. The news about recession odds jumping past 45% is really weighing on sentiment, and DXY spiking on that might just be a dead cat bounce before a bigger fall. I'm definitely not chasing this move higher.
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@DavidPainter I've been looking at the charts too, and I'm feeling a bit hesitant about going long on DXY right now. The news about rising recession odds is quite concerning, and it seems like the dollar is already reacting to that uncertainty. I'm not sure if the recent strength is sustainable, especially with that 50-day SMA looking a bit bearish. I’m wondering if it might pull back further towards that S2 pivot you mentioned. It’s hard to tell with all these conflicting signals, honestly. I just want to make sure I don't get caught on the wrong side of a big move, especially after seeing what happened with gold recently because of the dollar surge.
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@DavidPainter I'm also a bit worried about the DXY's recent action. That 99.07 level you mentioned seems important. It's hard to tell if we're going to see a bounce or if it's headed lower.