{"id":2332,"date":"2010-08-12T00:43:53","date_gmt":"2010-08-12T04:43:53","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=2332"},"modified":"2010-08-12T00:43:53","modified_gmt":"2010-08-12T04:43:53","slug":"dollar-largest-rally-19months","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2010\/08\/12\/dollar-largest-rally-19months\/","title":{"rendered":"U.S. Dollar Enjoys Largest One-Day Rally In 19 Months"},"content":{"rendered":"

Now THIS is the way to start a relief rally. The U.S. dollar index surged on Wednesday 1.84%, marking its largest one-day gain since a 2.72% gain on January 20, 2009. At that time, the dollar was in the middle of a sharp and major bounce off its 200-day moving average (DMA) support on its way to three-year highs<\/a>. This latest surge decisively pushed the index away from the 200DMA.<\/p>\n


\n
\"U.S.<\/a>
U.S. dollar bounces strongly off support at the 200DMA<\/figcaption><\/figure>
\n*Chart created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

The euro suffered the majority of the dollar’s beating with over a 2% drop against the U.S. dollar whereas the Japanese yen was almost as strong as the dollar.<\/p>\n

The market has now finally made clear the “winning” side of the 200DMA support for the dollar index, so I am largely sticking by my positioning for a dollar relief rally<\/a> (click for more details). However, this large move did compel me to lock in profits on long yen hedges and to build more short U.S. dollar positions. I added to long Australian dollar positions and initiated a fresh long on the British pound which got “close enough” to tagging the lower end of its bullish upward channel against the U.S. dollar<\/a>. Assuming the dollar continues to rally, I will gradually change the balance of my position from net long the U.S. dollar to neutral – hopefully around the next line of resistance at the declining 50DMA.<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: short EUR\/USD, long AUD\/USD, GBP\/USD, USD\/JPY<\/p>\n","protected":false},"excerpt":{"rendered":"

Now THIS is the way to start a relief rally. The U.S. dollar index surged on Wednesday 1.84%, marking its largest one-day gain since a 2.72% gain on January 20, 2009. At that time, the dollar was in the middle of a sharp and major bounce off its 200-day moving average (DMA) support on its … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20,21],"tags":[310,128,299,28,138,1591],"class_list":["post-2332","post","type-post","status-publish","format-standard","hentry","category-forex","category-u-s-dollar","tag-australian-dollar","tag-british-pound","tag-dxy0","tag-euro","tag-japanese-yen","tag-u-s-dollar"],"yoast_head":"\nU.S. Dollar Enjoys Largest One-Day Rally In 19 Months - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/08\/12\/dollar-largest-rally-19months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Dollar Enjoys Largest One-Day Rally In 19 Months - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Now THIS is the way to start a relief rally. The U.S. dollar index surged on Wednesday 1.84%, marking its largest one-day gain since a 2.72% gain on January 20, 2009. At that time, the dollar was in the middle of a sharp and major bounce off its 200-day moving average (DMA) support on its ... 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