Monday, August 02, 2010 2:58:29 AM
Re: UUP vs. UDN Funds; XEU vs. USD Indices
(UUP vs. = Bullish vs.Bearish USD Funds)
UUP is nearing its significant 61.8% retracement level, thus targetting significant support at the $23.48 level.
Inversely, and as technically important, UDN is nearing its daily 200-EMA resistance level. The last time this bearish fund neared this significant trendline, it defined a bearish trend for this bearish fund, i.e.: signaled a bullish trend for the dollar.
A similar technical event is occuring in the relative expression of the indices: XEU vs. USD, whose charting below approaches a significant Fib retracement of 38.2%.
Combined, the convergence of these three technical events point towards a favorable support for USD. If this support failed, we would witness a bearish confirmation for the greenback.
- Dalcindo
- Dalcindo
(UUP vs. = Bullish vs.Bearish USD Funds)
UUP is nearing its significant 61.8% retracement level, thus targetting significant support at the $23.48 level.
Inversely, and as technically important, UDN is nearing its daily 200-EMA resistance level. The last time this bearish fund neared this significant trendline, it defined a bearish trend for this bearish fund, i.e.: signaled a bullish trend for the dollar.
A similar technical event is occuring in the relative expression of the indices: XEU vs. USD, whose charting below approaches a significant Fib retracement of 38.2%.
Combined, the convergence of these three technical events point towards a favorable support for USD. If this support failed, we would witness a bearish confirmation for the greenback.
- Dalcindo
- Dalcindo
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