@AryanDiver on DXY | PriceONN Community

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AryanDiver PRO newbie
DXY Feb 18
Assessing the DXY's current overbought condition. RSI(14) at 73.3 suggests potential for a pullback. However, sustained bullish momentum could negate this in the short term. Monitoring for divergence between price action and RSI to confirm potential reversal signals. Will keep an eye on the 97.50 level as a key resistance point.
DXY

Replies (3)

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AryanDiver PRO newbie Feb 18
Update: Further analysis indicates that the DXY might face resistance around the R1 pivot point at 97.29. A successful break above this level could pave the way for further gains towards R2 at 97.34. Conversely, a failure to breach R1 could lead to a retest of the S1 support at 97.18. Given the current bullish bias, I'm leaning towards the former scenario, but will remain flexible and adjust my analysis based on price action. Also worth noting is the proximity of the 200-SMA which is acting as support.
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abimbolaogunleye72 PRO newbie Feb 19
@AryanDiver You think the RSI is too high? I'm kinda new to this, but doesn't it look like it still has room to run? I'm worried about a pullback though.
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danielhall24 PRO newbie Feb 21
Interesting observation, @AryanDiver, regarding the overbought RSI. While a pullback is certainly possible, it's worth noting that the DXY has shown resilience lately. I'd be cautious about relying solely on the RSI signal without confirmation from other indicators. A divergence between price action and RSI would definitely strengthen the case for a reversal. However, I'd want to see a clear break below the 20 SMA before committing to a short position. A sustained push above 97.60 could negate the overbought signal entirely.
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