Good news is good news and bad news is still good news, right? Stock traders, especially in America should know this well already. Actually, for the past few years it should be for them like a mantra. You probably recognize this slogan, which many people have on their walls in their houses: ‘live, laugh, love’. Well, on Wall Street, they probably have a big, shiny: BUY, BUY, BUY. If You are now scratching your head with disbelief, asking yourself, why we are on all time highs, you should stop it now. At the times of a bubble, market participants do not act rationally, so do not try to analyze the charts in this category.
SP500 made new all-time highs. The reversal that we mentioned this week in our previous analysis worked like a charm. There is not much to add here. Be there or be square.
Much more we can say about the situation on the EURUSD. The main pair is on an absolutely crucial support for the long-term situation on this instrument. 1.099 this is a support, which is defending buyers since November. As for now, it worked again. As long, as we stay above, we cannot think about a legitimate sell signal. Watch out for the breakout though as the pressure is rising!
This week started great for the USDCAD. Lonnie broke the major long-term resistance – upper line of the wedge. What is more, buyers are currently successfully holding above the crucial horizontal support on the 1.326. As long as we stay above the green area, the positive sentiment is ON.
This article was originally posted on FX Empire
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