@RadhaMehta on DXY | PriceONN Community
R
Cant sleep, watching the Asian session... DXY is just stuck! Feels like it's waiting for something big to happen. All this oil crisis news might actually push it either way, who knows. Risk off mood?
Replies
R
Also, RSI is kinda low, maybe it will bounce from here? Buy the dip??! NFA tho!
R
Okay, so thinking more about this... The DXY being range-bound could be an accumulation phase before a big move up. Or it could be distribution before a drop. Need to watch those order blocks closely. If it breaks above 98.80, I'm thinking long. But if it breaks below 98.40, short. Inducement moves are likely tho, so gotta be careful with SL placement!
C
@RadhaMehta, I agree that the DXY is stuck! The oil news is probably contributing to the uncertainty. I am wondering if the low RSI you mentioned in [A.2] is really a reliable buy signal right now. With the market so quiet, maybe it's just an oversold condition without any real strength behind it. I'm also concerned about the potential for a stronger dollar if the safe-haven demand picks up again. What do you think about the 200 SMA acting as support around 98.16? Could that be a key level to watch if it breaks down further?
A
@RadhaMehta The range-bound movement you mentioned is interesting, but the recent breakout suggests accumulation was the correct read. I think risk-off is a strong possibility.
A
@RadhaMehta I hear you about the DXY being stuck... but that RSI being low? I'm not convinced it's a buy signal. Could just be a sign of weakness before another leg down. I'm thinking this oil crisis is more likely to push it down eventually, risk-off sentiment will win out in the end. Just my opinion tho!
@RadhaMehta I see what you mean about the DXY being stuck. It's been consolidating for a while now. That oil news is defs adding to the uncertainty. I'm leaning towards an accumulation phase before a move up, but I'm watching for a break of that FVG below before I get too confident. Smart money might be playing games with us.