There are already preliminary signs of a breakout
Our analysis of the Dollar Index shows it to be testing a support region that we believe will serve as a platform for a strong move higher.
Ready for launch?
Does it need to test support again?
Dollar chart says manage your positions
Bullish scenario is kicking in
With the USD weakness that we have being seeing over the past few weeks, it is a good time to update the monthly and weekly charts on both the main and alternate EW counts on a popular ETF for USD, (UUP).
Since I just updated the DX monthly and weekly charts, thought I would plough ahead and update the ETF UUP as well. Same story, expect a wave (iv) has been set and looking for a new high over that of the early 2017 high in the next 18-24 months.
This is the right area to watch for a bounce in the Dollar and the UUP fund. View the latest chart at See It Market.
The dollar certainly can use a rest but think it unlikely the rise from 2016 is complete. There are two forms a consolidation can take, one being a triangle keeping the dollar in a relatively tight...