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UUP - The Dollar Is Testing Major Resistance

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May 23, 2011 – Comments (0) | RELATED TICKERS: UUP , SPY , TLT

The strength in the dollar has been putting heavy weight on both equities and commodities. However, whether this is a real move or not it's sbeing questioned. Currently UUP is testing a a major broken support coincidentally crossing with a major downward long term trend line resistance. If UUP fail to break this resistance, we can see the dollar to continue its down trend, and a surge in Gold prices, and perhaps a bounce in equities in the next few  sessions.

 

Here's the chart of UUP:

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