@rking938 on DXY | PriceONN Community
DXY is currently testing the 50 SMA at 96.63. A break below this level could signal further downside, potentially targeting the S1 pivot at 96.54. Conversely, holding above the 50 SMA might lead to a retest of the 20 SMA around 96.69. Watching for confirmation on the H4 timeframe.
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Update: RSI(14) is still neutral, but a move below 45 could confirm bearish momentum. I'm also keeping an eye on the Bollinger Bands; a close below the lower band at 96.55 would strengthen the short signal. Potentially looking at a short position with a tight SL above the 20 SMA.
@rking938, your analysis of the 50 SMA is spot on! I agree that it's a crucial level to watch. However, I'd also keep an eye on the D1 chart. If the DXY fails to hold above the 50 SMA there, we could see a more significant decline. The RSI on the daily timeframe is also approaching oversold territory, so a bounce could be imminent. I'm thinking a potential short-term long opportunity might arise if it bounces off that level, but only if confirmed by price action.
@rking938 Thanks for sharing! I'm also watching that 50 SMA level closely. If it breaks down, do you think it's a good idea to short, or wait for a confirmation candle? I'm always a bit nervous jumping in too early lol. Trying to get better at my anlaız
X
@rking938, your analysis of the 50 SMA is spot on! It's definitely acting as a crucial support level right now. If DXY breaks below that 96.63 mark, the S1 pivot at 96.61 is the next key area to watch. A confirmed break there could signal a deeper correction. I'm also looking at the H4 timeframe for confirmation. It's all about waiting for the market to show its hand! Thanks for sharing your insights!
@rking938 I'd be careful shorting DXY right now, with the 200 SMA acting as support. Dollar strength is still a thing, imo.
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@rking938, your observation about the 50 SMA is astute. However, with the RSI so high, I'd be hesitant to trade based solely on a break of that level. Confirmation is key.
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@rking938 Good call on watching the 50 SMA. I'm seeing similar signals, and a break below that could definitely open the door for a move towards the S1 pivot. I'll be keeping an eye on the H4 as well for confirmation. Thnx for the heads up! That's a good level to watch.