In this video, the Trader Guy looks at the currency pairs, USD/JPY and NZD/USD for the July 12th session.
USD/JPY — It looks like the USD/JPY took off to the upside on Monday, I believe that this has something to do with the fact that the Japanese did not have any opportunity to react to the better than anticipated Non Farm Payroll number until now. So, with this, it looks like we are going to continue to grind higher. The 103.00 will cause a little bit of trouble, but if we get above there, I think we will go to the 105.00 level. The 105.00 level shows quite a bit of resistance and an exhaustive candle there could be reason enough to sell. If we get above there, that is a very bullish sign. I think we may be trying to turn around, but in this pair, it tends to slam around quite a bit in the process and we expect volatility.
NZD/USD — We fell and then as we got to the end of the day, we tested the 0.7200 level, which of course previously was resistance and now should act as support. I am simply waiting for a supportive candle, maybe on a 4-hour chart in order to go long. I think selling is not even possible until we get below the 0.7000 level. So, at this point in time, it is a buy only and I just need the right supportive candle in order to take advantage of it.
© Prabhu for Forex Videos, 2016. |
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