We have been expecting a correction in the USD to come about sooner or later. With crude oil up again today I wanted to give you a view of the situation. The crude oil fund USO looks similar to the DBC ETF below, in that it is right at a short-term resistance point. If it can get through this area, a long-awaited bounce/rally may finally come about. USD fund UUP is in the lower panel. It is and has been ‘too far’ above the MA 50.
The key levels are DBC getting and holding above 17.60 and UUP dropping and holding below 25.