In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the April 27th session.
USD/JPY — As you can see, we tried to rally but the 112.00 level is starting to offer a bit too much of resistance. I think we are a little overbought. So, here is the thing. If we can break above these highs and stay above, then I am willing to buy. Otherwise if we get an exhaustive candle here, I am willing to sell. Right now, we are still in a downtrend. This is a very important potential resistance. So, it is very interesting to see where we go next from here.
AUD/USD — We fell pretty significantly, but made a fresh new low, but found the 50% Fibonacci retracement level to be somewhat supportive. If we can break down below there, the market then goes to 61.8% level. In the meantime, I think short-term rallies will continue to be selling opportunities, especially as long as we are below the 0.7500 level, and especially if Gold still looks somewhat soft. It does look currently, I think that the Aussie may drift a little lower. This is probably more about the dollar strengthening, unless the Aussie itself.
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