@kevin90 on DXY | PriceONN Community
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Looking at the DXY chart, it seems like we're bumping up against resistance around 96.73. The RSI is neutral, so it could go either way, but the 200-day SMA at 96.93 is looming above. I'm thinking a short position if it rejects that level, with a tight stop loss just above. Thoughts?
Replies
@kevin90 I'm also watching that 96.93 level. A rejection there could be a good short opportunity. Just be careful of a potential fakeout.
Kevin, your short idea at 96.73 sounds risky tbh. The overall trend is still up, and you'd be trading against it. Yes, RSI is neutral, but the 20 and 50 SMAs are below the current price, acting as support. A better strategy might be to wait for a pullback to one of those SMAs and then look for a long entry. Just my two cents tho.