In this video, the Trader Guy looks at the currency pairs, USD/JPY and AUD/USD for the June 29th session.
USD/JPY — We did bounce a bit during the session on Tuesday as we got a bit of a relief rally around the world. However, I think this pair is going to be difficult to trade, mainly because we have concerns about the Bank of Japan intervening. They are going to lose their sense of humor if we drop below the 100.00 level. But at the same time, the 105.00 level is massively resistive. So, a short-term rally could happen and quite frankly, I am going to be on the sidelines though. I think we are going to be squeezed in this area and I like to sell on the extremes, but right now we are in the middle.
AUD/USD — We tried to rally as well, but gave back about half the gains. I think the closer we get to the 0.7500 level, the more likely we see sellers stepping into this market. I think a breakdown below the last couple of day’s lows is reason enough sell as well as the Aussie does not do very well in a risk-off environment.
© Prabhu for Forex Videos, 2016. |
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Post tags: AUD/USD, technical analysis, USD/JPY
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