Hi everyone! 👋 I'm still learning about the DXY and trying to understand the different indicators. The RSI is above 60, and the price is near R2. Does this mean it's overbought, or is there still room for the bullish trend to continue? 🤔 Any insights would be appreciated! 🙏
Hi @neha3648! Yes, an RSI above 70 generally suggests overbought conditions. However, the DXY's bullish trend is quite strong, so it could remain overbought for a while. Look for confirmation signals like bearish divergence or a break below a key support level before assuming a reversal. Also consider looking at other indicators like MACD or Stochastics for confluence!
