In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the July 5th session.
USD/JPY —The Thursday session was a low volume session as the US was celebrating the Independence Day. And the market bounced off to form a hammer candlestick on the daily chart. The stock market is picking up. The S&P 500 has reached the 3,000 level. To the downside, the 105.00 looks supportive. Even if the market clears this cluster above, it has to then deal with the 200-day EMA.
AUD/USD — The market encountered strong resistance. As you can see, the market has formed a "w" pattern. The 50-day EMA is offering support. So, pullbacks are seen as buying opportunities. A break above 0.7050 level is bullish.