Dollar Uptrend Chances Being Challenged

Though the USD uptrend is still in place, it is clearly being challenged. Below is the UUP, the USD ETF, used so that volume data is available.

Two items of note. First, the blue lines show a typical correction period (a bear flag). In theory, we should be at the bottom of that trend with a correction (rise in the dollar) coming. Second, note the red upward trendline coming from the bottom on October 15. A violation of that red trendline will start dollar selling.

On a separate machine, which is currently showing the 5 minute UUP chart, we have currently bounced off of the lower trendline but face a number of moving averages as resistance. Today is an important day for the USD...