jueves, 2 de abril de 2015
U.S. Dollar Index Bullish Fund takes a drop
The U.S. Dollar Index Bullish Fund (UUP) has taken a drop from $ 26.50 to $25.45, and from there the possible recovery puts the index within an important resistance at a 61.8% Fibonacci move of the entire initial selloff.
We believe that as long as the $26.10 level is not surpassed the index will remain vulnerable and resume bearish movements toward lower zones back down to $ 25.60 and then $25.45.
If that low occurs it will confirm the market will continue its adjustment toward lower levels pointing back to $25.00-24.80 and more depressed values.
The UUP must break above $26.10 to postpone any further cut and with such a technical success, any weakness will be postponed and we will expect additional upside toward the area of previous highs at $26.30, with $26.50 as the major short-term resistance for the UUP.