Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Monday, May 28, 2012

UUP ETF - Resistance Break! 2012.05.28

A quick look into the UUP ETF shows how the Dollar is ready to break decisively above the $22.76 key resistance level and lead to further strength of the US currency.

After it created a broad base last summer in the $21.00 area, the investors pushed the UUP shares above $17.00 and traded in a range between $17.00 and $22.80 until now.

The $22.80 level represents the 38.2% retracement level of the June 2010 – May 2011 descent and the break of it triggers the next target at the 50% retracement level, in the $23.35 area. This level is also a previous local low and high.

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