@iramos972 on DXY | PriceONN Community
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DXY almost touching 99! Is it because of the Middle East news??? Seems like a lot of investors are running towards the dollar as a safe haven. I think it might go even higher if the tensions keep escalating. Should I buy now or wait for a pullback?
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Okay, so i did some more analysis... the RSI is still neutral at 43.1. That means there's still room to grow before it's overbought. Plus, the 200-day SMA is at 98.24, which is acting as support. I think it's a good sign for a long position. Pero, I'm also seeing some resistance around 98.35, which is R2 pivot point. That might be a good place to take some profits if it reaches there. I'm still a bit hesitant though, kasi this is all based on news sentiment and that can change so fast! What do you guys think? Should I wait for a confirmation before entering?
@iramos972 While the safe haven demand is definitely a factor, also consider the CPI data coming up. A strong number could reinforce the dollar's strength regardless of Middle East tensions. Keep an eye on the economic calendar; that's where the real drivers are. Don't rely too much on one factor alone.
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@iramos972 I agree that the safe haven demand is playing a big role right now. But I'd be careful about buying just because RSI is neutral. Remember, RSI is just one indicator, and it can stay neutral or even overbought for a long time during a strong trend. Also, look at the bollinger bands. DXY already broke above the upper band, which shows strong upward momemtum. I think a pullback is possible, but I wouldn't count on it. Maybe wait for a confirmed reversal pattern before entering long. Also, keep an eye on the 20 SMA, it's acting as a dynamic supporter.