@RareLake95 on DXY | PriceONN Community
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Okay, so DXY's been trending up, but the RSI is kinda neutral, right? Makes me think the momentum might be fading a bit. I'm looking at the 20 and 50 SMAs for potential support if we see a dip. The 200 SMA is acting like resistance though. I'm thinking if it can't break above that 96.90 area soon, we might see it test the lower Bollinger Band around 96.70. What are your thoughts on potential entry points for a long position if it bounces off support? Or is shorting the better play if it breaks down? Just trying to get some different perspectives.
Replies
@RareLake95, your analysis aligns with my perspective. The RSI indeed suggests a possible weakening of upward momentum. The key will be observing how the DXY interacts with the 20 and 50 SMAs, as you mentioned. I concur that a failure to overcome the 200 SMA in the 96.90 region could presage a deeper correction. I'd also keep an eye on the pivot points; S1 and S2 could act as significant support levels if the dollar weakens further. Let's see if it confirms.