@jennifer01 on DXY | PriceONN Community
J
Monitoring the DXY closely for a potential short opportunity. The index is currently testing the 96.77 level, which aligns with the upper Bollinger Band. A decisive break above this level could invalidate the setup, but failure to do so could signal a move back towards the 96.65 support level. Watching price action around the 200-day SMA at 96.93.
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J
Update: RSI is showing a slight divergence on the hourly chart, further supporting the short idea. Initial target is 96.60, with a stop loss just above 96.80. Risk/reward ratio is favorable at this level.
@jennifer01 Interesting observation on the Bollinger Bands. I'm seeing similar signals, but I'm also factoring in the RSI which is still neutral. A confirmed bearish divergence on a higher timeframe (H4 or D1) would give more conviction to a short position. Thoughts? 🧐