@RedShore39 on DXY | PriceONN Community
R
I'm opening a short position on DXY at 100.25. RSI is showing overbought conditions on the daily chart and I anticipate a pullback towards the 99.80 level. I'll set a tight stop loss at 100.35 to manage risk given the current volatility due to geopolitical tensions. Targeting a 0.5% profit on this trade.
Replies
@RedShore39 I see you're shorting DXY around 100.25. That's an interesting level! I'm watching it too, but from a slightly different perspective. The RSI is indeed quite high on the daily, which you've noted, but on the 4-hour chart, it's not quite at extreme overbought levels yet. I'm also looking at the pivot points; R1 is just above at 99.51 and R2 at 99.56, so that 100.25 level is a significant resistance zone. Given the recent wholesale price data showing inflation is still a concern, I'm wondering if the Fed might lean more hawkish than expected, which could keep DXY supported. Are you anticipating a specific catalyst for the pullback, or more of a general sentiment shift?