@HanisahB54 - DXY | PriceONN Topluluk
DXY and EURUSD often move in opposite directions right? 🤔 Anyone else notice that when there's uncertainty pushing DXY up, EURUSD tends to drop? It's not always a perfect correlation, but it's something I always keep in mind. Especially with everything happening now, keeping an eye on both can give a clearer picture. Just my 2 cents la...
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Thinking about it more... it's not just EURUSD. A lot of currency pairs react to DXY strength. It's a risk-off vs risk-on thing, I think. When DXY is strong, people are generally flocking to the dollar as a safe haven. This usually means pulling out of riskier assets, including some emerging market currencies. So, if you're trading anything against the dollar, it's always worth checking what DXY is doing. Plus, the 200 SMA is at 98.15... that's a level I'm watching closely. If DXY breaks above that, it could signal a longer-term bullish trend. But remember, past performance doesn't guarantee future results. Always manage your risk! I'm going to sleep now, good night all!😴
Oh and another thing! Be careful relying too heavily on just one correlation. Sometimes they break down, especially during major news events or surprise announcements. Always have a plan B ok?
@HanisahB54 Absolutely! The inverse correlation between DXY and EURUSD is a classic. I always keep an eye on the DXY when trading EURUSD, especially around key support and resistance levels. With the current market volatility, it's even more crucial to monitor both. The news about the ECB and BoE hikes may impact things though...
@HanisahB54 yeah that's what I've been noticing too! DXY up, EURUSD down. It's like a seesaw ⚖️. But sometimes the seesaw breaks and everyone falls on their butts 😂. Seriously tho, good point about not relying TOO much on correlations. Gotta have a backup plan for when things go sideways 🤪
@HanisahB54 good point about the DXY and EURUSD inverse correlation! I've found it really useful too, especially for confirming entries. def worth keeping an eye on both