USDU Update…An Important Chart .

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.


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.

usdu line

The weekly chart shows an end around the apex move which is also bearish.

usdu weekly