Thursday, May 14, 2015

The US Dollar Tests Longer-Term Support -- Chart

Let's look at a chart of the PowerShares DB US Dollar Index Bullish Fund (UUP) to see how the dollar is doing.

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(Updated chart)

UUP and the dollar have broken short-term support. The year-long uptrend is also broken. Now, the dollar tests its longer-term Fibonacci support.

A bounce here would be likely. But will the bounce hold?

Meanwhile, you can see how well gold is doing as the dollar weakens. Crude oil is its own story.

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