@dev8720 on DXY | PriceONN Community

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dev8720
dev8720 PRO newbie
DXY Apr 15
This current DXY setup actually reminds me of late 2020. Remember when the dollar was struggling to hold those levels around 91-92? It looked like it was going to keep falling indefinitely, and many analysts were calling for its demise. But then, it found a strong support base, and we saw a pretty significant rally into the next year. The RSI was also in a similar neutral zone back then, and the price action eventually turned around. We're seeing some similar forces at play now with this easing inflation narrative and the dollar weakening. I'm not saying it's a perfect match, but historical patterns often rhyme. The key will be whether DXY can hold the 97.70 pivot level. If it does, I think we might see a bounce similar to what happened before, possibly pushing back towards the 50-day SMA or even higher if the sentiment shifts hard.
DXY

Replies (2)

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freeTide9 PRO newbie Apr 15
Hi @dev8720, your comparison to late 2020 is interesting. I'm trying to get a better handle on how to use these pivot points effectively. You mentioned DXY finding support around 91-92 back then. How do you typically determine if a pivot level is likely to hold or break? Are there specific indicator confluence you look for, like RSI readings or moving average positions, that give you more confidence in placing a trade around those key levels? I'm still working on building a robust system for reading these levels.
J
jennifer01 PRO newbie Apr 17
Hi @dev8720, that late 2020 comparison is insightful. I'm also keeping a close eye on the pivot points for DXY. The correlation you're drawing might suggest a similar bottoming formation if we see price hold above the weekly P/S1 levels.
EURUSD 1.16436 +0.11%
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USDJPY 159.76900 -0.07%
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XAGUSD 74.30 -1.07%
BTCUSD 62,410 -7.66%
SP500 6,572.87 +0.74%
BRENT 97.63 -1.26%
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