Tuesday, May 17, 2016

American Dollar (UUP) Breaks Out

It took a while for the long bullish declining pattern to work out and it even briefly experienced a severely oversold period at the beginning of May but it has now resolved and broken out. I got a lot of heat on SlopeOfHope.com for seemingly ignoring that the long term downtrend is down, the EMA's have crossed bearishly and no one seems to the Buck lately. In no way am I suggesting this is the beginning of a huge bullish uptrend, this is merely a near-term move upwards. My medium and long-term predictions are still downwards (to follow in a later article). Please don't ignore that a great divergence emerged on the MACD(13,34,0) recently so this move up will need time to play out.