The US Dollar has been major topic and theme for traders in 2016. Many questions are swirling around the recent decline in the buck and fallen the US Dollar ETF (UUP):
Is this the start of deeper decline? Â Or is this decline almost over?
Well, we should get a better idea over the coming weeks.
Why? Â Because the US Dollar ETF (UUP) decline tested its Yearly pivot (Ys1) at 24.34 and looks set for a bounce.
Below is a chart of UUP showing the Yearly S1 pivots. This is a great area to look for support.  To add to this notion, there was a big $24.50 April 29 call buyer yesterday. I am looking for the US Dollar ETF (UUP) to rally off the Ys1 pivot and test the monthly(P) pivot at $24.85. That price action may also cause oil and gold to pull back.
Major Call UUP buyer…
Lastly, US Dollar bulls will have to wait and see how this level holds up over the longer-term this year… Thanks for reading!
More from Jeff: Â Apple Stock Update: Watch Those AAPL Price Pivots
Twitter: Â @Pivotal_Pivots
The author does not have a position in the mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
