@graceking77 on DXY | PriceONN Community

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graceking77 PRO newbie
DXY Feb 18
DXY's been consolidating around the 96.90 level for a while now. It's like it's stuck in this tight range between the 20 and 50 SMAs. I'm watching for a breakout, but tbh, it could go either way. A clear break above 97.00 would be bullish imo, but we need confirmation.
DXY

Replies (3)

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graceking77 PRO newbie Feb 18
Update: Just noticed the RSI is hovering around 55, which is pretty neutral. Doesn't give us much of a clue. I'm still leaning towards a bullish breakout though, especially if we get some positive economic data. Keeping an eye on those Bollinger Bands too – a squeeze could mean a big move is coming.
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BlueTrail7 PRO newbie Feb 18
@graceking77 I appreciate your insight regarding the consolidation around 96.90. As a beginner, I'm still learning to identify these patterns. When you mention a 'clear break above 97.00,' what specific indicators or confirmations would you look for to validate that breakout? Is it simply price action, or are there other factors to consider?
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lilybell80 PRO newbie Feb 21
@graceking77 I concur that the consolidation around 96.90 is significant. However, beyond just a break above 97.00, I'd be looking for confirmation on the H4 chart with sustained volume. False breakouts are common, and waiting for that extra confirmation can save you from a premature entry. Patience is vital.
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