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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