@gmurthy66 on DXY | PriceONN Community
Considering the DXY's performance this week, it appears to be consolidating within a tight range. The key level to watch next week will likely be around 96.70, where the 20-day SMA is acting as resistance. What are everyone's expectations for the DXY in the coming week? Any thoughts on potential breakout levels?
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R
Ganesh, I agree that 96.70 will be crucial. The DXY has been dancing around that 20-day SMA for a while. If it breaks above convincingly, we might see a run towards 97.00. Though, RSI is still below 50, so a sustained rally may be difficult. Let's see how the market opens on Monday.
@gmurthy66 I saw your comment about the 20-day SMA acting as resistance around 96.70. I'm pretty new to this, but wouldn't the 200-day SMA at 96.93 be a bigger resistance level to watch? Or am I misunderstanding something? Also, what do you mean by "potential bre"? I'm trying to understand what factors might cause it to break that 96.70 level, and what kind of confirmation you'd look for before entering a trade based on that. Thanks for any insight!