{"id":5143,"date":"2011-05-23T00:54:55","date_gmt":"2011-05-23T04:54:55","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=5143"},"modified":"2011-05-23T00:54:55","modified_gmt":"2011-05-23T04:54:55","slug":"dollar-index-holds-support","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/05\/23\/dollar-index-holds-support\/","title":{"rendered":"Dollar Index Holds 50DMA Support As Relief Rally Looks Ready to Continue"},"content":{"rendered":"

The dollar index gained 0.75% on Friday as another phase of fears of Greece sent folks out the euro and into U.S. dollars. The 50-day moving average (DMA) has held as near-perfect support but Friday’s move has the shape of a bounce looking for follow-through.<\/p>\n


\n
\"Dollar<\/a>
Dollar bounces off the 50DMA support level<\/figcaption><\/figure>
\n*Charts created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

Follow-through from here, like a new high for the month, puts the 200DMA into play. Given the 200DMA held firmly with the failed double-test last November and January, I expect this resistance to hold again. I will be looking to accumulate more anti-dollar positions if this area gets tested.<\/p>\n

Moreover, for this cycle, I expect dollar strength to translate into market weakness since the dollar is not rallying on good economic news.<\/p>\n

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

Full disclosure: “marginally” net short the U.S. dollar, long SSO puts<\/p>\n","protected":false},"excerpt":{"rendered":"

The dollar index gained 0.75% on Friday as another phase of fears of Greece sent folks out the euro and into U.S. dollars. The 50-day moving average (DMA) has held as near-perfect support but Friday’s move has the shape of a bounce looking for follow-through. *Charts created using TeleChart: Follow-through from here, like a new … 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":[20,511,62,21],"tags":[1597,1591],"class_list":["post-5143","post","type-post","status-publish","format-standard","hentry","category-forex","category-support","category-technical-analysis","category-u-s-dollar","tag-technical-analysis","tag-u-s-dollar"],"yoast_head":"\nDollar Index Holds 50DMA Support As Relief Rally Looks Ready to Continue - 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\/2011\/05\/23\/dollar-index-holds-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar Index Holds 50DMA Support As Relief Rally Looks Ready to Continue - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"The dollar index gained 0.75% on Friday as another phase of fears of Greece sent folks out the euro and into U.S. dollars. 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