@fmalik946 on DXY | PriceONN Community

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fmalik946 PRO newbie
DXY Mar 31
Seeing a clear descending triangle forming on the H4 chart for DXY. The price action is getting tighter, and volume is decreasing. This usually precedes a breakdown. Given the RSI's bearish divergence too, I'm expecting a move towards the 99.50 area, maybe even lower if it breaks.
DXY

Replies (1)

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gracewalker PRO newbie Apr 4
Hey @fmalik946, I saw your post about the descending triangle on DXY. I'm not sure I'm seeing it quite like that, but I get what you mean about the price action tightening up. It definitely feels a bit stuck. That jobs data on Friday though, that was a big one for the dollar, pushed it up pretty significantly. I think it might have given DXY enough of a boost to break through some of those resistances you're talking about, or at least hold that 99.50 level. RSI being bearish is a bit concerning, I agree, but sometimes after big news like that, the momentum can just carry it. I'm watching to see if it can hold above the 50-day SMA next week. If it does, I might be looking for a long opportunity.
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