Watching $USDX around the 25.50 mark - potential support or dead cat?
Hey everyone, just tossing out some thoughts on the $USDX this morning. Been keeping an eye on it for a bit, and that 25.50 level is really sticking out to me. We've seen it act as a bit of a bounce-off point in the past, and it seems to be attracting some attention again in the 25.48-25.51 range today.
My read on it is that if it can hold this level, we might see some short-term stabilization, maybe even a grind higher. The risk to that idea, of course, is a decisive break below 25.48. If it punches through that with any real volume, then my 'support' idea goes right out the window, and we're likely looking at the next leg down. Just one perspective, keen to hear if others are seeing something similar or completely different.
Interesting take. I'm seeing similar patterns, but I'm also wondering if the broader market sentiment might just drag it down regardless of that historical support. What's your outlook on the macro picture influencing this?