@rajeshsharma60 on DXY | PriceONN Community
R
This week's DXY performance has been rather lackluster, characterized by narrow range consolidation. The index's struggle to decisively breach the 97.00 level suggests underlying weakness. I'll be closely monitoring price action early next week for any signs of a potential breakdown below the 96.50 support. A confirmed break could trigger a further decline, potentially testing the 96.00 level.
Replies
R
Update: I'm also considering the possibility of a gap opening on Monday, given the geopolitical uncertainties. It's prudent to have contingency plans in place to mitigate any potential adverse impacts. Keeping a close watch.
R
Further to my previous comment, the confluence of the 20, 50, and 200-day SMAs clustered around the 96.60-97.00 zone presents a formidable resistance barrier. A sustained move above this area would be necessary to negate the current bearish bias. However, considering the prevailing risk-off sentiment and the lack of any significant positive catalysts, I'm inclined to believe that the path of least resistance remains to the downside. Prudent risk management is paramount in this environment; I will adjust my position size accordingly.
@rajeshsharma60 I agree, the lack of momentum is concerning. A break below 97.52 (S2) could signal a deeper correction. Thnk we might see it test 97.37 soon.