Bearish potential detected for UUP & DXY (ie --> USD weakness)

Oct 17, 2023

Following US dollar strength looking at DXY during the final hour of trade this morning on the US markets, both DXY and UUP represent a potential bearish opportunity should momentum continue and lower highs and lower lows be made past the current position, aligning with technical indicators of RSI and DMI. Personal stop loss for the trade would be the high of the chart formation on 03-Oct (i.e.: above the high of $30.07 for UUP and $107.348 for DXY).

Nov 2, 2023

Trade active

Slow and steady, still progressing... close call with the test of the high for UUP however the close was not above $30.07 and DXY did not align with the breakout above the channel.

Nov 17, 2023

Trade active

Stop losses for the trade lowered with respect to lower highs and lower lows that have formed on the daily charts for both DXY and UUP (depending on risk tolerance):

- DXY - $106.68 (from open of 28-Sep); $105.93 (from open of 10-Nov)
- UUP - $29.91 (from open of 06-Oct); $29.65 (from open of 03-Nov)

Dec 2, 2023

Trade active

Stop losses for the trade lowered with respect to lower highs and lower lows that have formed on the daily charts for both DXY and UUP (depending on risk tolerance):

- DXY - $105.07 (from open of 08-Sep); $104.40 (from open of 17-Nov)
- UUP - $29.65 (from open of 03-Nov); $29.51 (from open of 21-Sep)

Jan 5

Trade active

Stop losses for the trade lowered with respect to lower highs and lower lows that have formed on the daily charts for both DXY and UUP (depending on risk tolerance):

- DXY - $102.905 (from close of 13-Dec); $102.654 (from open of 29-Nov); $102.594 (from open of 18-Dec)
- UUP - $27.34 (from close of 18-Dec)

Jan 16

Note

Testing the last 'line of defence' stop loss as we speak - DXY $102.905 (from close of 13-Dec). Should the DXY continue to increase in unit price value, alongside declines in currency exchange values of the majors (e.g.: AUDUSD, EURUSD, GBPUSD) and increased USDJPY, then this trade is over at reasonable profit.

Coverage will now cease for this particular trade.