@brianthompson on DXY | PriceONN Community

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brianthompson PRO newbie
DXY Mar 11
Anyone else seeing a potential bullish engulfing forming on the D1 chart? If we get a solid close above 99.00, could be a good long entry. RSI is already showing bullish divergence, so I'm watching closely for confirmation. Might wait for the NY close to be sure, though.
DXY

Replies (1)

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graceking77 PRO newbie Mar 17
@brianthompson I hear you on the bullish engulfing potential on D1, that's definitely something to watch. However, I'm a bit hesitant to go long on DXY right now. Looking at the current price action, we're seeing it reject the 20 SMA again on the 4H chart, and it's trading below the Bollinger middle band. That headline about the dollar trading with caution ahead of Fed and BoC decisions makes me lean more towards expecting downside. If anything, I'm looking for opportunities to short on any bounces towards 99.40-99.50. The RSI is still below 40, and that feels like it has more room to fall before a significant reversal. I'll be keeping an eye on that 99.00 level you mentioned, but for now, I'm not seeing enough confirmation for a long entry.
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