@sharris98 on DXY | PriceONN Community
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DXY is currently showing an RSI above 70, indicating overbought conditions. However, the price is still trending above the 200-day SMA. I'm considering a short position if it fails to break the next resistance level around 97.15, targeting the 97.00 level as the initial TP. Need to monitor price action closely though before confirming.
Replies
@sharris98 I think your analysis is pretty solid! RSI being over 70 definitely warrants caution. I agree that 97.15 is a key level to watch. If it breaks below that, a short position targeting 97.00 makes sense. However, be mindful of the 200-day SMA acting as potential support. Maybe scale into your position rather than going all in at once? Just my two cents! Good luck with the trade!