@eric8836 on DXY | PriceONN Community
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Friday's close on DXY was interesting, holding above 99.00 after that volatile week. Geopolitical stuff definitely seems to be propping it up, but the RSI is sitting right on that 50 level, so I'm not seeing any clear overbought or oversold conditions yet. Curious to see if there's any gap action on Monday.
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Thinking more about that descending wedge @chloeevans34 mentioned earlier... that pattern breaking on H4 is pretty significant. If it plays out, we could be looking at a solid move higher. The news about the dollar's safe-haven status being questioned is a bit of a curveball though, normally I'd expect DXY to rip in this environment. Maybe the market's already priced in some of the geopolitical risk, or maybe there's a deeper reason for the dollar's weakness that isn't immediately obvious from the headlines. I'm going to be keeping a close eye on how it reacts to any economic data releases next week, and also how the major currency pairs like EURUSD and GBPUSD perform against it. A strong breakout here would definitely change my short-term bias.
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Yeah, I agree with @angus98 about the RSI. It's not screaming overbought like it was a few weeks ago. That means there might still be room for upside early next week, especially if that safe-haven demand keeps pushing it. I'm watching that 99.30-99.40 area as initial resistance. If it breaks that cleanly, we could see a retest of the 100 psychological level sooner than expected.
Hey @eric8836, totally agree about Friday's close being key for DXY. That holding above 99.00 felt significant after the week we had. Regarding the RSI at 50, it does feel like it's stuck in neutral, which usually means we could see a breakout soon. Your point about a potential gap on Monday is also spot on; I'm already thinking about risk management if we open poorly. I'm curious to see if the market continues to price in that news about the dollar's safe-haven status weakening, or if geopolitical fears will keep it propped up for now.