In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the July 7th session.
USD/JPY — As you can see on the daily chart, the market went back and forth during the session yet again as I think we are waiting for the jobs number. The 113.00 level looks supportive and if we bounce from here, we go to 114.00, and eventually 115.00. A break above 115.00 is a big deal. So, that would really catch my attention. I think a lot of volatility will be part of the game today. I do prefer buying longer term though.
AUD/USD — The Aussie could have a double whammy of sorts if the gold markets fall apart due to a strengthening dollar, which will also strengthen over here and bring down the Aussie and give us plenty of momentum to the downside. A break below 0.7500 sends this market to 0.7350. A break to the upside could have us looking towards 0.7700 and then eventually 0.7750.