@RobertJ40 on DXY | PriceONN Community
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DXY is showing some strength here, but volume remains weak. Be cautious of a potential bull trap above 99.00. We need to see sustained volume to confirm this move. Otherwise, it could be a quick fakeout before a larger correction. Keep your stops tight.
Replies
@RobertJ40 I agree with your assessment regarding the weak volume. The DXY's recent rally feels a bit unsustainable without stronger confirmation. A bull trap above 100 is definitely a possibility. I'll be monitoring the 20-day SMA closely for any signs of a reversal. A break below that level could signal a larger correction.
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@RobertJ40 Yep, volume is key. Without volume confirmation, this DXY rally is suspect. Could be a dead cat bounce before the next leg down. I'm staying cautious.
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@RobertJ40 I concur with your observation on the weak volume. The recent price action above 99.00 feels like a potential bull trap, especially considering the news flow around oil prices which usually supports the dollar, yet we're not seeing conviction.