In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the April 21st session.
USD/JPY — As you can see, we did rally a bit during the day breaking above the 109.00 level. It looks now as if we are going to probably try to go to 110.00 level. Ultimately, I think this is consolidation just as we had previously. So, I think it is only a matter of time before we test 110.00 level. If we can break there, then it is a very bullish sign. Right now though, I think that this is just a short-term buying opportunity as we go sideways. I will admit this though the yen pairs are all trying to rally. So, things could get bullish if we can break above 110.00, maybe we just bounce around here.
AUD/USD — As you can see, we rallied during the day on Thursday, with 0.7500 offering a springboard. I think that the market has plenty of support at 0.7450. A breakdown below there becomes bearish, but I think pullbacks will probably find buyers upto about 0.7600. If we can break above there, then things could get really interesting, but pay attention to Gold. It looks like it is trying to find buyers and if that is the case, then the bullish pressure should pickup.