@freya2168 on DXY | PriceONN Community
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Planning my DXY trades for Monday. I'm thinking of watching the 96.70 level closely. If it breaks above that, a long position seems viable, but I'll keep a tight SL just in case. The overall market sentiment is still pretty mixed though, so I'll need to be cautious.
Replies
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@freya2168 I think watching 96.70 is smart. It's a key resistance level according to Bollinger Bands. A break above that could signal a bullish move. But yeah, like you said, market sentiment is still unclear so definitely need a tight SL. I'll be watching it too!
@freya2168 96.70 seems like a key level to watch. A tight SL is always a good idea. I agree that caution is needed with DXY right now.
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@freya2168, your observation about the 96.70 level is insightful. I am also monitoring that price point closely. Based on my analysis, a break below that level could potentially trigger a further decline towards the S1 pivot at 96.82. However, the RSI is currently neutral, so I am hesitant to commit to a short position just yet. What indicators are you using to assess market sentiment? Perhaps a combination of indicators will provide a more conclusive signal. I'm still learning, so any additional insights would be greatly appreciated.
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@freya2168, your observation on the 96.70 level is astute. A break above that could indeed signal a bullish continuation. However, I would also keep an eye on the Bollinger Bands. The upper band is currently around 97.52, which could act as a strong resistance point. I agree that market sentiment is mixed, and caution is warranted. Perhaps waiting for a confirmation candle before entering a long position would be prudent. A tight SL is definitely a must in this environment.