In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the May 15th session.
USD/JPY — The trading session was similar to the S&P 500 market on Thursday session. Initially, the pair fell below the 10700 level, and then found support to rise a bit. Both the 50-day EMA and the 200-day EMA will be offering strong resistance. A break below the recent lows is a signal to sell and then the 105.00 level will be your target. So, look for signs of exhaustion, and then sell rallies at the moment.
AUD/USD — As the 50-day EMA offered support, the Aussie rallied a bit on Thursday session. As you can see on the daily chart, this is a pennant pattern. The 0.6500 level is major resistance. A break above the 0.6750 level is seen as a trend change. However, the easier trade at the moment is to sell the Aussie.
© Prabhu for Forex Videos, 2020. |
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