UUP (Bullish US Dollar Fund) has now hit the short-term downtrend line previously highlighted on the 60 minute time frame. As such, the short-term bounce in the US Dollar that I was looking for is likely finished & if so, my expectation remains a move down to a least the 25.25 area in UUP.

 

As expected, this bounce in the dollar lifted US equities and helped spark a selloff in gold & the mining stocks, both of which I expect to be at or near the final stages with a reversal to follow soon. As such, I have booked profits on my QQQ bounce trade and added more long exposure to the mining sector.