In this video, the Trader Guy looks at the currency pairs, USD/JPY and AUD/USD for the July 7th session.
USD/JPY — We fell initially, but found enough support near the 100.00 level to turn things around and bounce to form a nice looking hammer. A break above the top of this hammer, I think sends this market looking for 103.50, possibly above there to 105.00 level. Having said that, I also recognize that the market is probably going to struggle, as it is going to be very volatile. I recognize that the Bank of Japan is very interested in the 100.00 level and will probably intervene below there. So, this is more or less, a plainly bounce type of move, that I anticipate.
AUD/USD — We initially fell and then sliced through the 0.7500 level. There is a lot of noise above, especially in the form of this shooting star from the couple of weeks ago. So, although I think the Aussie will probably rise, it is going to be very volatile and very difficult to deal with quite frankly. This is due to Gold markets rallying. So, my thinking is why not just buy Gold and leave the Aussie alone.
© Prabhu for Forex Videos, 2016. |
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