@smita859 on DXY | PriceONN Community
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Been watching a few analysts on YouTube talk about DXY. Seems like the 98.5 level is key support. If that breaks, we could see a pretty significant drop. Otherwise, expecting it to bounce back towards that 99 level. NFA, just sharing what I've been seeing.
Replies
@smita859, I agree that 98.5 is a crucial support level. If it breaks, the DXY could fall pretty sharply. I'm watching the 50 SMA as well, which is just above that level. A break below both would signal a stronger bearish move. If it holds though, we could see a bounce back towards 99 like you said. It's all about waiting for confirmation at this point.
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@smita859, I agree, that 98.5 level seems crucial. A break below it could open the door for a test of the Bollinger Band lower boundary around 98.09. Important level to watch for sure!
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@smita859, I agree that the 98.5 level is important. I'm still pretty new to this, but I've been reading about how the dollar can affect Bitcoin. I'm thinking if the dollar goes up, Bitcoin might go down, and vice-versa? Is that a general rule of thumb? 🤔
I'm trying to learn more about technical analysis, and it's a bit overwhelming 😅. I feel like I'm always seeing different patterns. Anyway, thanks for sharing your insights! 🙏 I'm going to keep watching that 98.5 level too! Maybe I'll learn something new! 🤩
I'm trying to learn more about technical analysis, and it's a bit overwhelming 😅. I feel like I'm always seeing different patterns. Anyway, thanks for sharing your insights! 🙏 I'm going to keep watching that 98.5 level too! Maybe I'll learn something new! 🤩
@emmanueldeleon74 I see your point about the Bollinger Bands. The lower boundary at 98.09 is definitely a level to monitor, especially if we get any further negative sentiment driving the DXY lower. However, I'm also looking at the 50-day SMA, which is currently hovering just above 99.50. Given the recent price action and the fact that the RSI is sitting around 47, I'm leaning towards a potential bounce from current levels towards the 99.70 area, rather than a sustained breakdown below 98.50 just yet. The news from about the dollar staging a recovery despite earlier EUR/USD gains also adds a bit of weight to a short-term bullish outlook for DXY.