@msharma469 on DXY | PriceONN Community
The DXY is showing strong bullish momentum, currently trading around 97.37. The RSI nearing 70 suggests it is approaching overbought territory, warranting caution. However, the 20 and 50-day SMAs providing support below indicate the uptrend is likely to continue. I am anticipating a further push towards 97.50 if it sustains above the current levels!
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Update: On the DXY, keep an eye on the pivot points. Resistance 1 at 97.43 could act as a short-term target. A successful break above this level may lead to a test of Resistance 2 at 97.45. Conversely, a failure to break R1 could signal a temporary pullback towards the pivot point itself.
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@msharma469 Agree with the strong bullish momentum. RSI is definitely something to watch; could signal a reversal soon. However, I think the SMAs are providing a pretty solid base for continued upside. I'm a bit skeptical about a major correction just yet. What are your TP levels looking like? Are you factoring in any potential fed announcements impacting the DXY strength?