In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the May 1st session.
USD/JPY — This pair rallied on Thursday session trying to break above the 107.50 level, but falied due to strong resistance. As you can see on the daily chart, you can make an argument for a descending triangle pattern. The statement from Jerome Powell, the Fed President has caused the dollar to weaken. So, the investments will flow towards the yen.
AUD/USD — The market has reached a level which is a strong resistance zone. So, a pullback becomes inevitable. Australia suffers less from Coronavirus situation compared to the US. So, that can contribute for the bullishness in this pair. With the 50-day EMA below backing this pair, you can look for pullbacks to be used as buying opportunities.
© Prabhu for Forex Videos, 2020. |
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