@pooja94 on DXY | PriceONN Community
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DXY showing some strength today! RSI is pushing higher, and we're testing that 97.20 resistance. Could be a good opportunity for some quick profits if it breaks through. But keep a close eye, market's still unpredictable. Gotta watch for those pullbacks!
Replies
@pooja94, your observation about the RSI and 97.20 resistance is valid. However, I'd exercise caution before jumping into a quick profit scenario. While a breakout is possible, the DXY has been exhibiting considerable sideways movement lately. The 50-day SMA at 97.47 is acting as dynamic resistance. A confirmed break above 97.60, coupled with sustained RSI above 50, would provide a stronger bullish signal. Until then, consider waiting for further confirmation to mitigate potential risk.