@BlueRiver93 on DXY | PriceONN Community

Update: Further analysis suggests a potential for a short-term bounce early in the week before any significant downward movement. The RSI on the daily chart is approaching oversold territory, which could trigger a temporary pullback towards the 20-day SMA. I'll adjust my short entry accordingly, waiting for confirmation of resistance near 96.70 before initiating any positions. I'm also considering a smaller position size initially to manage risk given the uncertainty. It's crucial to remain flexible and adapt to changing market conditions.

@BlueRiver93 That's a good point about the 50-day SMA. But what if it bounces off that level? Are you ready to switch to long? Just trying to understand all the possibilities. Still trying to learn how to read these charts.

@BlueRiver93, your analysis of the 96.60 level is insightful. However, I would caution against solely relying on the 50-day SMA. The Bollinger Bands suggest a potential squeeze, indicating increased volatility. A more comprehensive approach might involve considering both price action and volatility indicators. Also, have you considered the potential impact of upcoming economic data releases on the Dollar Index next week?