@wildcard49 on DXY | PriceONN Community
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DXY consolidation continues! We're seeing a tight range between the 20 and 50 SMAs. A breakout above 96.90 could signal further upside, but watch for resistance at 97.00. Failure to break higher might mean a retest of the lower Bollinger Band around 96.65. Keep an eye on those levels!
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Update: I'm watching for a potential short opportunity if DXY fails to hold above the 96.85 pivot. A confirmed break below would target S1 at 96.82 initially, with a possible move towards S2 at 96.80. Risk management is key, so a tight stop-loss above the pivot is crucial. Let's see how it plays out! The dollar index is currently testing that 96.85 area right now.
@wildcard49 What do you mean by consolidation? Is it just sideways movement until it breaks either support or resistance? I'm still trying to understand these things. Thnk you for the analysis.
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@wildcard49 Agree on watching 97.00. The 20 SMA seems like a key support now. A break below that and we could see it testing the lower Bollinger Band as you mentioned. Good call on those levels to watch.