Click on Chart of UUP to Enlarge
In a recent post I suggested that the US Dollar index may break above the upper boundary of a high-high trend line. As of today it has done so on three separate high-high trend boundaries of increasing vertical angulation.
While it appears to me that some more sideways and slightly higher action would be ideal before a top, I view this at an ideal momentum point to exit longs. This appears to be a climactic move. I would suggest to keep a daily routine of analysis on commodities the trade inversely to the dollar for trade set-ups. I follow gold, silver, and oil most closely, and so I am watching those on multiple time frames to potentially purchase at a trough on the chart that has the potential for a nice rebound.
Pete
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