@melissa2411 on DXY | PriceONN Community
M
This past week was a bit of a grind for DXY, given the mixed signals from the news cycle. I closed my short position around 97.70 on Thursday; it wasn't a huge win but better than holding into the weekend uncertainty. The weekly candle is still hanging around that 50-day SMA, which feels like a temporary holding pattern before the next move. Definitely watching for a potential gap on Monday open, especially with the geopolitical noise subsiding.
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M
And to add to that thought about waiting for data, I've been reviewing my charts from last year when we saw similar consolidation periods around these pivot points. The RSI was also hovering in that mid-50s range, and then a strong jobs report or CPI release really ignited a move. It makes me wonder if this current pause is just building energy. I'm particularly interested in how the 200-day SMA at 98.40 acts as a longer-term ceiling if we do see a bullish push. For now, though, it's just observation and planning. My focus is on not chasing price if we open with a gap, but rather waiting for price to establish a clear bias for the week.
M
Looking back at that, it feels like the market is just waiting for some concrete economic data to give it direction. All this talk about the Strait of Hormuz easing is important, but ultimately, U.S. retail sales and inflation figures will probably have a more direct impact on DXY's trend. I'm not anticipating a massive gap unless something unexpected pops up overnight, but I've set alerts around the 97.50 support and 98.00 resistance.
Hey @melissa2411, I totally feel you on the choppy price action. This DXY has been a nightmare to trade lately. That 97.70 level is definitely a key pivot. I'm also skeptical about the sustainability of any bounce right now. Just feels like we're stuck in limbo until some real news drops. Good call closing that short.