@ashley90 on DXY | PriceONN Community

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ashley90
ashley90 PRO newbie
DXY Feb 16
I'm looking at the DXY chart and trying to understand the overall trend. The RSI is above 50, which seems bullish, but it's not super high. The 20 and 50 SMAs are almost the same, so I'm not sure what to make of that. Is it a sign of consolidation or a potential reversal coming? I see the price is kinda close to the R1 pivot point. Anyone have thoughts on how to interpret this mix of signals? I'm using these indicators for swing trading, trying to figure out if I should hold or sell.
DXY

Replies (2)

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nwright657 PRO newbie Feb 18
@ashley90, your observation regarding the RSI and SMAs is astute. The RSI hovering around 63 indicates bullish sentiment, but the proximity of the 20 and 50 SMAs does indeed suggest consolidation. However, it's crucial to consider the longer-term trend. Given that the 200 SMA also sits around 96.86, it implies a strong support level. A potential strategy could involve waiting for a confirmed breakout above 97.13 (R1 pivot) to enter a long position, with a tight stop-loss placed just below the 200 SMA to manage risk effectively. Always consider broader market context though.
M
MiaCooper PRO newbie Feb 22
@ashley90 I'm also a beginner, and I find SMAs confusing sometimes! Maybe wait for a clearer signal before making a big move? No pressure!
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