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Yen Intervention Just As Dollar's Relief Rally Ends And Gold's 'Bubble' Unpops
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Yen Intervention Just As Dollar's Relief Rally Ends And Gold's 'Bubble' Unpops

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Yen Intervention Just As Dollar's Relief Rally Ends And Gold's 'Bubble' Unpops

By Dr. Duru: The U.S. dollar was one of last week’s biggest losers during a very bullish week. As I have chronicled for several weeks now, the market’s bullish signals continue to grow. With bullishness on the rise and volatility on the decline (as measured through the VIX), reasons to stay long the dollar have apparently decreased.

After Europe’s big announcements on resolving eurozone sovereign debt problems, the dollar index dropped about 1.5% to crack its 200-day moving average (DMA) for the first time in almost 2 months. This drop resoundingly ended the relief rally that I anticipated after the S&P downgrade of U.S. debt and which finally began with a jump over the 200DMA in early September.

click to enlarge

The U.S. dollar index plunge below critical support at the 200DMA


The 200DMA continues to serve as a critical dividing line between a bullish and a bearish dollar. I did

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