We fully expected a bounce attempt by USD (daily UUP shown here) and to this point that is all it remains, a bounce. It could pop the EMA 20 to break the very short-term trend. If it does that and makes the EMA & SMA 50’s it would still be in its intermediate downtrend.
It’s important to remember that USD was at last ditch long-term support lest it hop the express elevator to 89. So this bounce always was going to happen. Here’s the monthly chart we reviewed last week.
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