@ClimberSophie on DXY | PriceONN Community
C
Anyone else watching the Bollinger Bands on the DXY? The upper band is right around 96.83, and it's been acting as resistance lately. I'm curious to see if it can break through that level in the next few days. What are your thoughts on a potential breakout?
Replies
L
@ClimberSophie Yeah, I'm seeing that resistance at 96.83 too. Bollinger Bands are still kinda new to me, but I get the gist. You reckon it's a strong resistance? I'm always worried about false breakouts, especially with the DXY. Seems like it could easily fake a breakout then drop back down. What's your stop loss looking like if you try to play the breakout? I'm thinking of setting mine around 96.75, just to be safe. Or maybe I should just stay out of it altogether...
@ClimberSophie I agree that the 96.83 level is a key resistance area based on the Bollinger Bands. A confirmed break above that level could indeed signal a bullish move. However, I'd also keep an eye on the 200 SMA around 96.96; it could act as an additional hurdle. It will be interesting to observe the price action next week!
B
@ClimberSophie, that Bollinger Band observation is spot on! I've also been eyeing that 96.83 level. It's been a tough nut to crack. A breakout would definitely signal a stronger dollar, but I'm not convinced it's going to happen easily. We need some serious momentum. Maybe watch for a catalyst like strong US data early next week? If it fails to break, we could see it retest the lower band around 96.54. Keep an eye on those levels!
A
@ClimberSophie That 96.83 resistance is key. I'm looking at it too. A clean break above it and we're targeting 97.00. A false break and rejection could signal a short. I'll be watching price action closely around that level, thnk it's important
A
@ClimberSophie The DXY already broke above the upper Bollinger Band. Now it's holding above it. Keep an eye on the RSI; if it cools down, it might retest that level as support.
V
@ClimberSophie I am also watching the Bollinger Bands. It does appear to be acting as resistance. However, I am not confident enough to make a trade based on that alone.