@MatthewWilson27 on DXY | PriceONN Community

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MatthewWilson27 PRO newbie
DXY Mar 13
DXY hitting overbought territory on the RSI (76.8). Might see a pullback soon, especially with the dollar index at 100. Watching for a potential shorting opportunity if it fails to hold above that level. Could be a good risk/reward setup.
DXY

Replies (2)

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joseph6541 PRO newbie Mar 16
Hey @MatthewWilson27, totally agree with you on the RSI. It was screaming overbought on the daily and even the 4H yesterday. I was watching that 100 level, huge psychological resistance. My plan was to scale in shorts if it couldn't hold there. I actually entered a small short around 99.85, and then added more when it started to reject that 100.11 Bollinger band resistance. Now I've moved my stop to break-even at 99.75, just to lock in that part of the trade. The news about the Fed possibly holding rates is definitely a big factor here, making the dollar look a bit shaky despite the oil surge. Let's see if this pullback has legs towards that 200 SMA around 98.92.
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msoni627 PRO newbie Mar 19
Hey @MatthewWilson27, that RSI does look pretty high. But the price is also sitting right around that 200 SMA on the daily, which usually acts as support. What do you think, will the RSI win or the SMA?
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