@zenithx792 on DXY | PriceONN Community
Z
Alright, watching this DXY action from the Asian session. RSI is sitting at 39, looking pretty bearish, but the price is hovering right around the 50 SMA and the pivot point. I've got a tight stop on my short position, just below 99.75. If it breaks that R1 pivot at 99.70, I might have to re-evaluate, but for now, I'm sticking with it. This volatility is insane, can't sleep!
Replies
Z
Wait a sec, I'm re-reading some of this stuff about Eurozone inflation re-accelerating. If that's true, it puts pressure on the ECB and could mean some strength for the Euro, which would naturally drag DXY down. So, my short is looking solid. I'm not risking much here though, just a small amount with high leverage. No point in trading if you're not taking some risk, right? Gotta feel the adrenaline. If this breaks 99.55, I'm adding more size. YOLO on this one, let's get some serious pips or go home!
Z
Actually, thinking about that China PMI data mentioned in the news. If that's really boosting Asian markets, it often means less safe-haven demand for the dollar. So, this DXY weakness could actually be tied to that. My short looks even better then. Let's see if we can push down to that S1 pivot.
J
Yeah @zenithx792, the jobs data is definitely a big one. If it comes out weaker than expected, I could see the DXY really dropping, maybe even below that 99 pivot. That would be interesting to watch.
Hey @zenithx792, I saw your comment about the RSI looking bearish. I'm also a bit worried about this DXY right now. It's been going up a lot today and I'm wondering if it's going to keep going or if it's going to fall soon. It's hard to tell with all the news out.
E
@zenithx792 You know, I was thinking about that Eurozone inflation too. If they have to hike rates more aggressively, it usually makes the dollar stronger, right? But then you have the jobs data coming up and that could go either way. It's so hard to tell with DXY, one minute it's weak on this news, the next it's surging on that. I'm just sitting on the sidelines for now, don't want to get rekt trying to time this. The price action is so wild this week.