In this video, the Trader Guy looks at the currency pairs, USD/JPY and NZD/USD for the July 11th session.
USD/JPY — It looks to me that we are going to continue to see volatility, but the only thing that I am paying most attention to, is the 100.00 level. The fact that it is a bit of line in the sand as far the Bank of Japan is concerned. I think traders will be concerned about holding short positions and therefore we should get a bounce sooner rather than later. And a breakdown below this level will almost be begging the BOJ to intervene. And I think they are fairly close to it if this continues. So, I fully expect this market to bounce and it is not until we break above 101.50, I will consider changing my strategy between now and then. I am just waiting for a bounce.
NZD/USD — We took off to the fresh new high during the day, after initially trying to pull back. And the kiwi is, quite frankly, healthier looking and pullbacks should continue to offer buying opportunities as we broke above the 0.7300 level. Now we are targeting the 0.7500 level.
© Prabhu for Forex Videos, 2016. |
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