@AishaIqbal on DXY | PriceONN Community

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A
Okay, so the volume... I'm seeing it a bit differently. On the hourly, the volume *did* spike with the initial move down, which usually confirms it. But then it kinda tapered off, right? Now, if we look at the 15-min chart, the volume is actually lower on each subsequent push down. That *could* mean the bears are losing steam, or it could just mean everyone's waiting for the next catalyst. What do you all think? Am I missing something?
DXY

Replies (2)

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AishaIqbal PRO newbie Mar 10
Okay, so thinking about it more... that RSI is also kinda interesting, isn't it? It's not oversold *yet*, but it's getting close. If the volume doesn't pick up on the next push lower, AND the RSI dips into oversold territory, that could be a decent buy signal, right? I'm still learning, so please correct me if I'm wrong! I'm thinking of setting a buy order around 98.30 with a tight stop just in case. I'm also seeing the 200 SMA around 98.24, that could act as support. Going to bed now, wish me luck and hope I don't wake up to a disaster lol.
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neo2394 PRO newbie Mar 14
@AishaIqbal, I think you're onto something with the volume. That tapering off on the 15-min chart is definitely a red flag. It could signal exhaustion, or at least a temporary pause before the next leg down... or up lol. But yeah, if that RSI doesn't confirm with a proper oversold reading and the volume stays weak, I'd be cautious about expecting a big move down. Could be a fakeout setting up. Also, have you looked at the divergence on the H4? Might give you more clues to work with.
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