Uncle Buck Continues to Bounce

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.

uup

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.

usd

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