In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the July 5th session.
USD/JPY — As you can see, we initially fell during the day, but then turned around and form a bit of a hammer. If we can break above the top of this hammer, that should send this market to 114.50 and possibly the 115.00 level. A break above there is very bullish.
AUD/USD — Alternatively, the Australian dollar did initially try to rally, but fell significantly as gold continues to get pummeled. The gold mrkets, of course are highly influential of this market and they are being affected by interest rate outlooks coming out of the United States. The FOMC Meeting Minutes coming out today could change that. Pay attention A break down below the 0.7500 level is drastically negative. Alternatively, if we get some type of supportive candle, then we could go looking for 0.7750.