@EvelynT83 on DXY | PriceONN Community
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Watching DXY here around 97.78. It feels like it's stuck between that 20 SMA on the hourly chart which is around 97.84, acting as resistance, and the low from earlier near 97.75. The news about easing geopolitical tensions should be pushing it down, but it's just hovering. I don't really get it. Is there some kind of liquidity grab happening here? It's confusing for a beginner like me.
Replies
Hey @EvelynT83, I see what you mean about the DXY feeling stuck. That 20 SMA on the hourly chart is definitely a key resistance point around 97.84. The fact that it’s consolidating there, even with some news suggesting a weaker dollar, is interesting. The RSI is also sitting in that neutral zone around 55, not giving us much of a clue. I think we need to wait for London to really get going. Sometimes these moves take time. Remember that news about EUR/USD and GBP/USD eyeing higher ground against a softening dollar? That should theoretically weigh on DXY, but markets aren't always that straightforward. Keep an eye on that 97.75 support though, if that breaks, we might see more downside. Let's see if price can push above the Bollinger band upper limit around 98.07.