@WiseOak14 on DXY | PriceONN Community
DXY's RSI is pushing into overbought territory on the daily chart. Watching for a potential pullback, especially with the dollar strength already priced in from the Middle East news. Could be a good opportunity to fade the move if it gets too extended. Keep an eye on the 100 level as potential resistance.
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Also, worth noting that the 20 SMA is creeping up and could act as dynamic support around 99.60-ish. If the pullback is shallow, that's where I'd expect it to bounce. Keep in mind the news about the dollar strength might be overblown, so watch for any signs of reversal. Geopolitical risk is always a tricky one to trade.
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@WiseOak14 That's a good observation about the 20 SMA around 99.60. It's definitely a level to watch for a potential bounce if we see a shallow pullback from current levels.
@WiseOak14, I saw something on the DXY chart that looked like a double bottom pattern forming near the 99.20s. Do you think that's a valid signal, or is it just noise with all this news about the Strait of Hormuz causing energy prices to jump? I'm still new to spotting these.