Loading ...UUP and FXY
UUP This is the US Dollar Index ETF. You can actually trade it. Its like a stock
The Dollar Quotes can be archaic and delayed . This ETF trades 9:30 to 4 PM like any stock
You can follow this chart in real time
https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=3&mn=0&dy=0&id=p01282202915&a=502281457
It is a fascinating study in Classic Chartology
1…an Impressive Impulse Move UP from a strong base
2…a 4 Point Consolidation for a couple years with a recent breakout with a Gap ( Classic!)
3…a smaller 4 point pattern building out just above the top line of the Big Pattern.This is usually a very Bullish set up. Rambus Members KNOW this. It has been shown time and time again , these patterns break out upside and then the BIG pattern will be seen in hindsight as a Half Way Pattern…
I don’t like this set up as a Gold investor. I am hoping against hope that Graddhy’s work and Spock’s Work and Norvast’s Work will rule and this thing will fail. BUT until it does by convincingly breaking back into that big pattern…I am waffling …and cautioning ! Hoping for the red projection but expecting the green !
On the opposite side of this is the Yen Chart. It has broken out with a gap also…and is doing a Classic backtest.
Gold follows the Yen almost perfectly…so these 2 charts are diametrically opposed.
Follow the yen in real time via this tradable ETF…. FXY
https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=3&mn=0&dy=0&id=p01282202915&a=502281457
Which Chart will work out ?
maybe Both …then we see who gold is really married to
I am convinced now that the dollar is cooked. I keep harping on usd/jpy (as have you and many others) but it looks like the long term back test has held… so far. If so then it will run to 105 without much resistance imo. Also take a look at the dollar moving averages. I have seen the set up before where the 50 gets broken bounces off the 200, back tests the 50 and then drops like a rock. The 50 should be resistance now http://finviz.com/quote.ashx?t=UUP
PK to be clear you see the dollar breaking down right
105 is the yen ?
Ah yes. Correct. Sorry that was confusing. I have no idea where the dollar is going but I plan to hold now until usd/jpy hits 105.
Hold my jnug of course:)
Fully – there is also USDU, which some argue is a better $ proxy due to weighting.
Some argue UUP is overly tied up with the euro.
And UUP and USDU do chart rather differently I’ve found.