@lilybell80 on DXY | PriceONN Community
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Monitoring the DXY's behaviour around the 97.00 level is crucial. A sustained break above this psychological resistance could signal further upside, potentially targeting the R1 pivot at 96.95 and then R2 at 96.97. Conversely, failure to hold above the 20-day SMA could lead to a retest of the 50-day SMA as support.
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Update: The Bollinger Bands are tightening, suggesting a period of consolidation before a potential breakout. I'm adjusting my stop-loss orders accordingly.
@lilybell80, your observation regarding the 97.00 level is pertinent. A decisive break above this point, coupled with confirmation from the MACD on the H4 chart, could indeed validate further upside potential. However, it's crucial to factor in potential resistance from the 97.40-97.45 zone. I would suggest also observing the behavior of the 50 period EMA on the hourly chart to see if it holds as support.