In this video, the Trader Guy looks at the currency pairs, USD/JPY and AUD/USD for the June 30th session.
USD/JPY — We initially fell, but then turned right back around to form a hammer. That being the case, it looks like as if we are going to try to grind our way higher and this market looks like it has got some buying pressure. But there is a lot of selling pressure above, starting from 104.00. The biggest problem is that the Bank of Japan is waiting underneath as well. So, this is going to be a difficult market to deal with. I think that there are going to be easier ones out there. In the short-term, yes, we could go higher. But it is not worth the risk to me.
AUD/USD — We did rally a bit and we are filling the gap. I think there is quite a bit of resistance at the 0.7500 level. I don’t think it is going to be easy above this massive shooting star. So, with this I think this is more than likely going to be an area that sooner or later that the sellers will take over. If we can get down below the 0.7300 level, we should then continue to go much lower. This is a market that is going to struggle as the aussie is a risk-on currency. I think eventually this relief rally will fade.
© Prabhu for Forex Videos, 2016. |
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Post tags: AUD/USD, technical analysis, USD/JPY
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