UUP: Prices Fail To Extend Rally Beyond 23.75
Mike Macdonald | Dec 14, 2014 03:23AM ET
PowerShares db USD Index Bullish (NYSE:UUP): Prices have failed to extend the recent rally beyond 23.75, as overbought weekly studies promote profit-taking pressure. Congestion around 23.40 has been reached, and is expected to underpin prices for the coming days, but a further break is seen, as weekly studies unwind lower, targeting daily range lows around 23.20. This level needs to be monitored carefully, as a clear break will signal a more bearish tone, and deeper USD reactions into the beginning of 2015. Resistance into limited gains is at 23.75, with an unexpected break to find difficulty clearing the 23.90, (61.8%) retracement of the 2010-2011 fall.
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