US Dollar (UUP) Bullish Breakout – July 29th, 2019

Bullish – UUP $26.55 – US Dollar

The idea presented is the opinion of the Options Action staff and not a recommendation by OptionsPlay.

On Friday’s Options Action, the crew analyzed the performance of the US Dollar. The US Dollar has traded within a tight range and has started to breakout higher. Coupled with a strong correlation to bond yields which are moving lower, suggests a continuation higher on the dollar. Expecting UUP to trade higher, Michael Khouw suggests buying a Sept 26 Call for $0.65 Debit. As of Friday’s close, these calls were trading at a $0.66 Debit.

We’ve structured this trade in OptionsPlay so you can analyze and view this trade along with the supporting technical chart at your convenience. You can also view the Options Action’s video by clicking on the following link: UUP OptionsAction Trade Video

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