USDU Update…An Important Chart
share
share
share
share
share
Last week I showed you this potential H&S top forming on the USDU, which is a more evenly balanced index for the US dollar which actually trades as an ETF.
http://www.wisdomtree.com/etfs/fund-details-currency.aspx?etfid=91
I built this chart using a line chart and then leaving the trendlines in place I converted to a bar chart. As you can see it has been backtesting the neckline for the last week or so along with the 200 dma. This chart shows a reversal pattern which sets up a downtrend of some kind. This is an important development.
Below is the exact same chart shown as a line chart. Note how much cleaner the trendlines look.
The weekly chart shows an end around the apex move which is also bearish.
share
share
share
share
share
Rambus Chartology is Primarily a Goldbug TA Site following the precious metals markets. Chartology is the Unique Blend of Technical Chart Pattern Identification and Market Psychology, Developed by Rambus During the Tech Mania of the late 1990s. His Early Training came the old fashioned way...Reading Edwards and McGee's Bible of Technical Analysis and spending years with a sharp pencil graph paper and ruler refining his skills and accuracy. Visit the Rambus Chartology website at http://rambus1.com/.
