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UUP follows strong US Dollar

After mid-February, UUP – the Invesco DB US Dollar Bullish Fund – went through a minor correction that brought price as low as its 50-day exponential moving average. As we can see in the orange circle, the bulls reacted with decisiveness and with a series of bullish candlesticks sent price successively:

Above its 10- and 20-day exponential moving averages

Above the blue resistance line

And finally, with an impressive bullish gap UUP above the upper Bollinger Band.

Of course this momentum has been depicted in MACD that moved above its signal line.

Finally, UUP’s Relative Strength also reversed and moved above its 20-day exponential moving average.

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