In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the May 12th session.
USD/JPY — As you can see, we have exploded to the upside over the last several weeks. But on Thursday we had a pullback and it showed signs of a risk-off trade. But just like on Wednesday, the buyers stepped in at about 113.50. But I think that the market will eventually reach towards the 115.00 handle which was resistance in the past. A break above there is very bullish indeed and it sends this market to 118.00.
AUD/USD — As you can see, we rallied ironically on a day that was risk-off, perhaps in reaction to the buying of gold. But I think that 0.7400 is going to offer resistance just as 0.7500 will. An exhaustive candle is what I am waiting for and then I think we will retrace the entire move. Typically that happens on a break below 61.8% level. So, I remain bearish. I think perhaps 0.7150 is the target.
© Prabhu for Forex Videos, 2017. |
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