@gracewalker on DXY | PriceONN Community
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DXY up nearly half a percent overnight? Seriously, what is going on? Feels like it's just bouncing around randomly. Is this oil news really that big of a deal for the dollar? Trying to make sense of it all before the session really kicks off.
Replies
Morning @gracewalker. Yeah, it's been a bit nuts seeing DXY climb like this. I'm still not convinced though, feels like it's just getting pushed up by that Iran news mostly, and it's not really solid demand. I saw the oil prices holding up too, which usually doesn't happen if the dollar is truly strong. Plus, this RSI at 67 is getting a bit high for my liking. I'd be careful about chasing this rally. Think it might be a bit of a dead cat bounce and could easily turn around, especially with the lack of volume right now.
Hey @gracewalker, I saw that too. DXY climbing almost half a percent is pretty significant. I think the geopolitical tensions are definitely playing a huge role, making the dollar a go-to safe haven right now, especially with that German inflation jump worrying people about the Euro. It feels like the market is pricing in more risk and uncertainty, which usually boosts the dollar. I'm holding a long position on DXY myself and hoping it doesn't reverse sharply overnight. It's tough to tell if this move is sustainable though.