@george5845 on DXY | PriceONN Community
DXY's weekly close suggests continued consolidation around the 96.50 level. The 20 and 50 SMAs are still relatively close, indicating a lack of strong directional momentum. I'll be watching for a break above 97.00 or below 96.30 to confirm a trend next week. A sustained break of either level would be a strong signal for a new position.
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Update: It's worth noting the slightly bearish divergence on the daily chart. RSI hasn't confirmed the recent highs, so we might see some downside pressure early next week. Keeping stops tight is crucial if entering any long positions. Need to see a clear break and retest before committing fully. Risk management is key, especially with potential for news events causing volatility.
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@george5845 George, I agree that the consolidation around 96.50 is key. I'm also watching those levels you mentioned, 97.00 and 96.30. A break either way could signal a good swing opportunity. Do you think the upcoming economic data releases will influence the direction? Or do you think it will stay in this range for a while longer? I'm curious about your take on the potential catalysts for a breakout, or if its just waiting for the market to decide.
@george5845 Thank you for your analysis. Your point about the 20 and 50 SMAs is well-taken. As a less experienced investor, I find it helpful to consider these moving averages in my decision-making process. Do you believe the current resistance at 97.76 will hold, or is a breakout likely in the coming days? It seems to me like it is struggling to break past that resistance. I appreciate your insights.