DXY RSI Failure Swing and Channel
Left chart:
The daily RSI has a bearish divergence and failure swing (lower low) coming out of oversold territory which suggests a top for the month of October is probably in. A close below the 9-day (pink) moving average is also bearish.
Right chart:
The hourly chart shows price near the bottom of a price channel that is about 1 month in duration. A bounce here could see another high put in this month which would invalidate the RSI failure swing top theory whereas a break outside the channel in the downward direction could validate it.
Time of idea posting 7:20PM NYT 10/5/23
The daily RSI has a bearish divergence and failure swing (lower low) coming out of oversold territory which suggests a top for the month of October is probably in. A close below the 9-day (pink) moving average is also bearish.
Right chart:
The hourly chart shows price near the bottom of a price channel that is about 1 month in duration. A bounce here could see another high put in this month which would invalidate the RSI failure swing top theory whereas a break outside the channel in the downward direction could validate it.
Time of idea posting 7:20PM NYT 10/5/23
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