Trend change for the dollar $UUP!

Trend change for the dollar $UUP!


February 2023


Alex Cole

Since early November of last year, $UUP (the dollar ETF)  has been in a "NoGo" trend.

Price has continued to fall since then with a series of lower lows and lower highs and GoNoGo Trend painting pink and purple bars. As you'd expect, GoNoGo Oscillator has been mostly in negative territory with fresh breaks below zero providing NoGo Trend Continuation opportunities in the form of our red circle icons. However, in early February we saw GoNoGo Oscillator burst into positive territory and on heavy volume and this coincided with GoNoGo Trend painting a string of amber "Go Fish" bars, letting us know that the trend was uncertain.  Yesterday, for the first time in several months, we see a fresh aqua "Go" bar painted by GoNoGo Trend.  We do see some resistance overhead, and so we will watch to see if this trend can persist. But, the weight of the evidence at the moment is enough to suggest a new "Go" trend.