UUP is on a 92-96 sell but, as I described before, it is still in a kind of a 'no man's land' with a slightly bullish bias. Today I will concentrate on very short term technicals.
The USD/EUR hourly chart is showing an overbought position while running into the major resistance marked with the March 29th peak. This peak needs to be taken out for the higher high to be created on the daily chart. That would be the first daily higher high since the downtrend has started in June 2020. I would guess that this setup is not favourable for an immediate and sustainable breakout (talking very short term, a day or two).
To illustrate the contest I present the UUP daily chart
Also, the UUP SKI chart, which generated a 16-20 sell signal today that also signals short term weakness ahead.
GLD daily chart paints the same picture, but opposite. While the uptrend is broken the indicators are flashing oversold conditions.
Same with the GLD SKIchart. The 16-20 just crossed to buy, not xxed.
In conclusion, the fat lady hasn't sung yet.
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