@rajeshpatel71 on DXY | PriceONN Community
Good morning, all. I am observing the DXY's current overbought condition based on the RSI(14) reading of 73.3. While the SMA indicators (20, 50, and 200) suggest a prevailing bullish trend, I am a bit concerned about a potential correction. I will be monitoring price action closely for any signs of weakness before initiating any new positions. Any thoughts on this?
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Update: Further to my earlier analysis, I've noted the Bollinger Bands are currently showing the price near the upper band at 97.56. I am a bit uncertain how to interpret this. Would this be a sign of continued bullish momentum or a potential reversal point? I am also considering the pivot points, particularly R1 at 97.4 and R2 at 97.42, as potential resistance levels. Does anyone have experience using pivot points in conjunction with RSI for DXY analysis? I appreciate any insights.