In this video, the Trader Guy looks at the currency pairs, USD/JPY and AUD/USD for the July 1st session.
USD/JPY — We initially fell during the session on Thursday, but turned around to form a hammer like candle for the second day in a row. I think there is a lot of noise just above 105.00 though. With 104.00 being the beginning, we have resistance upto 105.00, a region of resistance. So, I am waiting to see if we can get some type of exhaustive candle in order to start selling. I think there is far too much in the way of uncertainty out there to think that this pair will go much higher for very long.
AUD/USD — The Aussie has been acting kind of strange. We fell rather precipitously and then turned around right back around to form a hammer. I think the 0.7500 level is massively resistive. I do think that this shooting star is very negative as well. And with that it is very difficult to go long. But we could be seeing a little bit of knock on effect, as Silver is rising and it could bring Gold markets higher. So, it could bring the Aussie higher as well. In the meantime though, I need to see some type of clear move in one direction or the other.
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© Prabhu for Forex Videos, 2016. |
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