In this video, the Trader Guy looks at the currency pairs, USD/JPY and NZD/USD for the July 14th session.
USD/JPY — This is a market that initially fell down to the 104.00 level initially and then bounced around to form a nice looking hammer. A break above the hammer and the 106.00 level, I think it changes the trend completely and we continue to go higher. Obviously this is in reaction to the Bank of Japan possibly threatening things with intervention. If we do pullback, I think the 103.00 level could offer buying opportunities.
NZD/USD — We went back and forth, forming a rather neutral candle. If we can break above the top of it, I think we continue to grind well above the 0.7300 level and reach towards the 0.7500 level. That is my long-term goal. We have support from 0.7200 all the way down to 0.7000 level. The 0.7000 level is essentially the floor in this market. This is a buy only market for me. It is going to grind and not easy, but it is bullish.
© Prabhu for Forex Videos, 2016. |
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