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The UUP is Pressing Into Key Intermediate-Term Support


As we speak, the PowerShares DB US Dollar Index Bullish (UUP) decline from its July 2013 high at 22.98 to today’s low at 21.33 is slightly longer than the decline from the July 2012 high at 23.14 to either the Sept 2012 low at 21.5 or the Feb 2013 low at 21.53.

In any case, equidistant downlegs have been achieved right as the UUP RSI is registering a glaring momentum divergence.

This is a warning signal that the UUP decline likely is nearing completion in the vicinity of 21.30 to 21.00 in the upcoming hours.

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