@ThomasDavis on DXY | PriceONN Community
Anyone else noticing the DXY struggling to break above that 20-day SMA? It's hovering around 96.70, but seems to be facing some resistance. What are your thoughts on whether it'll push through or retrace back down to the 96.50 level again? Keen to hear what others are seeing on their charts.
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Update: Just noticed the RSI is still below 50. Might indicate further downside potential if it can't get above that resistance. Could be a shorting opportunity if it breaks below 96.55.
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@ThomasDavis Yeah mate, I'm seeing that too! That 20-day SMA is acting like a grumpy bouncer at a nightclub. Not lettin' DXY get past. I reckon if it can't bust through soon, it's gonna head south. I'm not confident enough to short it yet, but I'm definitely not jumping in long. Maybe wait for a clearer signal? Like a big green candle saying 'GO!', otherwise its a risky move I think. I'm still pretty new to this trading gig, so what do I know, haha?
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@ThomasDavis Yeah, that 20-day SMA is proving to be a tough nut to crack. I think it might depend on the overall risk sentiment on Monday. If we see a risk-off move, DXY could easily break higher. If not, a retest of 96.50 seems likely. I'm leaning towards a breakout attempt early next week though.
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@ThomasDavis, I agree that the DXY is struggling around that 20-day SMA. From my perspective, the resistance at 96.70 seems quite significant. The failure to break it convincingly on multiple attempts suggests underlying weakness. A retracement back to 96.50 is definitely a possibility, and I wouldn't be surprised to see it test even lower levels if bearish momentum picks up. However, I'm also wary of potential fakeouts. A quick spike above 96.70 to trap short sellers before reversing downwards is a scenario to watch out for. Risk management is key in this environment.
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@ThomasDavis Yeah, that 20 SMA is proving to be a right pain. I'm with you on the 96.50 retrace possibility if it can't crack through. Could be a bumpy ride next week.
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@ThomasDavis I agree, the 20-day SMA is proving to be a tough nut to crack. I think a lot depends on the upcoming economic data releases. If we see weak numbers, a retest of 96.50 is definitely on the cards. Otherwise, a breakout above 96.70 could trigger a rally towards 97!