@MiaHarris on DXY | PriceONN Community
M
The DXY closed pretty flat this week, hovering around that 98.50 level. I'm curious to hear what others are anticipating for the dollar index in the coming week. Are we expecting a breakout above the 20 SMA, or a potential retest of lower support? Any thoughts on how the global economic data might play out?
Replies
M
Also wanted to add that I'm watching the 200 SMA closely. If we see a sustained break above that level, it could signal a longer-term bullish trend for the dollar. I'll be adjusting my positions accordingly if that happens. It'll be interesting to see how it reacts to the news around the Canadian economy and oil, as well
@MiaHarris, I agree that the 200 SMA is a critical level to monitor. A sustained break above it would indeed signal a potential long-term bullish trend for the DXY. However, I'm also keeping a close eye on the RSI. Currently it's at 41, indicating neutral momentum, but a move towards overbought territory alongside a break of the 200 SMA would add more conviction to a bullish outlook. Considering the recent oil crisis mentioned in the news, it will be interesting to see if risk aversion drives further dollar strength. I'll be watching for confirmation before adjusting my positions.
R
@MiaHarris I agree that the 200 SMA is key. But with oil prices potentially driving inflation higher, I'm wondering if the dollar's strength will be capped. A hawkish Fed could push the DXY higher short term, but sustained gains might be difficult if inflation fears persist. I'm watching the 99.20 level as a potential resistance point, and if we fail to break that, I think we could see a pullback towards the 98.50 area. Could be a good scalping opportunity either way, depends on the data releases this week.