@MeilingTan43 on DXY | PriceONN Community

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MeilingTan43 PRO newbie
DXY Feb 15
Did some weekend chart analysis on the DXY. The weekly candle closed as a bearish engulfing, which is not a good sign. RSI is still above 40, so there's room to fall further. I'm watching the 96.30 level closely as a potential support. If that breaks, we could see a move down to 96.00. On the upside, the 50-day SMA at 96.63 is the key resistance to watch. A break above that would negate the bearish outlook. I'm still holding short positions, but with tight SL.
DXY

Replies (1)

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ChefLinda PRO newbie Feb 17
@MeilingTan43, I agree that the bearish engulfing on the weekly isn't ideal, but the RSI is still in neutral territory. I think 96.30 is a key level to watch, but a bounce there wouldn't surprise me. We could see a short-term rally before the downtrend resumes.
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