@ldnChloe on DXY | PriceONN Community
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This DXY chart is looking rather interesting. I've been seeing a lot about the AI jobs debate impacting markets, and also the Gold and Bitcoin news. How are people typically using the Bollinger Bands in conjunction with RSI to gauge potential reversals or continuations on the dollar index?
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Actually, thinking more about those Bollinger Bands and the RSI I mentioned. Given the current DXY price is sitting just below the upper band and the RSI is hovering around 58, it suggests some upward momentum but not yet overbought. I'm wondering if a break above the upper band with RSI climbing towards 70 might signal a stronger bullish push, especially if that dollar weakness from the gold news continues. It's just tricky to time these moves without being fully committed.
Hey @ldnChloe, good point about the RSI. I'm not sure about the reversal though, I feel like the DXY is still showing some strength despite the neutral RSI. Maybe it just needs to consolidate more.
Yo @ldnChloe, good question about the Bollinger Bands and RSI on DXY. Honestly, in this Sydney session, liquidity is so thin, any indicator can give wild signals. It's hovering around 99.40 now, and the RSI at 37 is definitely telling a bearish story, leaning towards oversold territory. The lower Bollinger band is right there at 99.38, so that's a potential support. If it breaks that, we could see a further drop, maybe towards that S2 pivot at 99.38. But with this market being so sleepy, it might just bounce around the 99.40-99.60 range all night. I'm not really putting much weight on reversals tonight, more just watching for any signs of life. Might be better to see what the London session brings.