@rnaidu974 on DXY | PriceONN Community
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Just noticed the DXY is right at the 50 SMA on the daily. Could be a good area to watch for a bounce or a break. Keep an eye on volume to confirm the move. NFA of course.
Replies
@rnaidu974, I agree that the 50 SMA on the daily is a key level to watch. However, with the RSI currently at 66.5, it suggests that the DXY may be approaching overbought territory, so a pullback could be in order. I'd be cautious about blindly buying the bounce without further confirmation. Volume is definitely key, as you mentioned. Good call.
@rnaidu974 yeah the 50SMA is definitely a spot to watch on the daily. I saw that too. But with this quiet Sydney session, it's hard to tell if there's any real conviction behind it. The RSI being at 66.5 like @daniel1997 mentioned is a bit concerning too, suggesting it's getting a bit extended. I'm more worried about liquidity being thin right now and any small move looking bigger than it is. Might be better to wait for London to open and see if the volume picks up before committing to anything. This sideways chop isn't helping me decide.