@JosephJackson on DXY | PriceONN Community
DXY showing strength above the 20-day SMA. I'm anticipating a push towards R1 at 97.6, possibly testing 97.7 in the short term. RSI is confirming the bullish momentum. Looking for a breakout above the Bollinger Bands upper band to confirm.
Replies
Just hit my initial TP1 at 97.70. Moved my stop to breakeven. Let's see if we can push higher.
Update: I've entered a long position at 97.58 with a tight stop loss just below the 20-day SMA at 97.45. Targeting 97.70 initially, with a potential extension to 97.80 if momentum holds. A break below 97.45 would invalidate the setup. Watching the RSI closely for overbought conditions as we approach the target. If we see divergence, I might consider reducing my position size or tightening the stop further. This move hinges on continued USD strength against other majors, specifically EUR and JPY. Need to monitor those pairs as well.
C
@JosephJackson, I see what you mean about the 20-day SMA, but I'm not totally convinced it's a strong bullish signal yet. The RSI is still below 50, which suggests there's still some downward pressure. Plus, the price is right in the middle of the Bollinger Bands, so we could see it go either way. I'm thinking it might bounce around between 97.35 and 97.60 before making a decisive move. I'm staying cautious and waiting for more confirmation before jumping in. Maybe wait for a clear break above R1?