Breakout confirmed on USD

In this week’s technical analysis we review the latest price action of the US dollar using UUP as a proxy to trade it.

The US dollar had strong momentum since the beginning of the year, supported by many economic factors such as the growing US economy(compared to the rest of the word), US labor force numbers, rate cuts,etc..

Starting October, the dollar had a minor correction and it seems like the double bottom formation had just confirmed yesterday, with a large volume to support the move.

We are bullish on UUP in the short term looking for a move to the upside, next target is to test the recent high at 27.15$,

We will review the price action once UUP reaches that high,

Possible moves are:
1. Sell the 26.7$ PUT option
2. Buy the 26.5$ CALL option

Trade safely,
Alon

Breakout confirmed on the US dollar by AlonHoresh on TradingView.com

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