Huge Reversal on The USD Is Coming?
Major indices continue the V shaped reversal. It’s not the first time stock bulls do this, so I can’t even imagine anyone being surprised here.
When stocks are going up, gold is usually going down and that’s what we have now. Even a weaker USD isn’t helping.
Brent oil on the other hand is enjoying the weaker USD, and is pushing higher again.
The EURUSD is very close to creating a major buy signal. We have a false bearish breakout from the H&S pattern and wedge in place.
The USDCAD with a very nasty looking shooting star on the weekly chart. That can be a major sell signal.
The NZDUSD with a false bearish breakout of an important horizontal support. That can be bullish.
The GBPCHF with a false breakout again but this time, to the downside. The price is back above the major support, so the buy signal is almost ready.
For a look at all of today’s economic events, check out our economic calendar.