Goal was to find out how much DXY retraces from Overbought to Oversold levels.
In my opinion DXY is overbought on daily chart. Oversold and overbought levels are subjective.
Measurement were made with RSI(7) combined with price action on weekly chart.
Total of 24 drops measured
DXY pulls back 9.70 on average when it retraces from "overbought" levels.
New to old...
Basic Technical analysis.Identify the trend."Trend is your friend"
Higher lows = UpTrend , Lower Highs = DownTrend
During an uptrend, watch for crack under support.
While in a downtrend, watch for break above resistance