Short Ideas for 2010: Technical Analysis
Although the long-term trade is to short the dollar, the dollar trade can reward both the long- and short-term trades, given the propensity of the currency markets to continue a trend once started. This is best viewed via the weekly charts.Currently, the UUP trade is to trade it long in order to exploit the dollar's countertrend bounce. Resistance was recently hit at $23.25, but as can be seen on the chart, that area is seeing serious volume expansion. That suggests a break higher is yet to come.
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