@CoderRyan on DXY | PriceONN Community
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Hey everyone, I'm relatively new to trading the DXY. I'm seeing the 20 and 50 SMAs are pretty close together, but the 200 is a bit higher. Does this mean it's likely to go up or down soon? What do you guys think? Any advice for a newbie?
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Update: I just checked the RSI(14) which is at 66.5. That seems like it's getting close to overbought, right? So maybe it's more likely to pull back down from here? Still trying to understand how to put all these indicators together to make a good call. thnk maybe it will go down.
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@CoderRyan Hey man, yeah those SMAs are close, it's indecisive, tbh. Could go either way. Watch those Bollinger Bands too, a break there might give you a hint. Don't yolo your life savings tho, lol.
@CoderRyan, the proximity of the 20 and 50 SMAs to the current DXY price suggests consolidation, while the 200 SMA being lower indicates a longer-term bullish trend. However, relying solely on SMAs can be misleading. Consider incorporating other indicators like RSI or MACD to confirm potential breakouts. Also, pay attention to key pivot points for possible support and resistance levels. As a beginner, focus on risk management and start with small positions to limit potential losses. Remember to do your own thorough research before making any trading decisions.