Forex crosses technical analysis 3/29/2017

Forex crosses technical analysis EURJPY, NZDJPY, AUDJPY, USDSEK, USDNOK, GBPAUD, GBPNZD

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EURJPY

EURJPY is in the middle of the consolidation wedge Only the daily close above 122.700 would call for an upside extension. We could see a retest of 118.300-119.500 zone. No change in view.

 

 

NZDJPY

The pair is reaching the strong upside support 77.500-78.000 zone. Reaction from this zone is required for an upside continuation. The daily close below the 200 SMA 77.400 level could open further downside.

AUDJPY

The pair has broken below 100 SMA 85.360 level, leaving it vulnerable for more downside, but is bouncing from the strong uptrend support line 83.500 level. The daily close above 85.360 level is required for the upside continuation into the 86.500-87 zone. Staying aside for now.

 

 

USDSEK

The pair is testing strong support 8.7500-8.8000 zone. Look only for long entries for now with the SL below 8.7800 as long as this support zone holds. Only a daily close below 8.7600 will invalidate the upside continuation. No change in view.

 

 

USDNOK

The pair has pulled back to a strong support 8.3800-8.41000 zone. The bounce from this zone is required for the upside continuation. Bouncing from the strong support zone targeting 8.6700 higher. Only the daily close below 8.3700 would lead to and invalidation of the upside continuation.

 

 

GBPAUD

The pair is moving inside the wedge between 1.6100 and 1.6600. Look for reaction/break of this levels for further direction in the pair. The break below 1.6240 could lead to a retest of 1.6000 level. The daily close above 1.6797 200 SMA is required for an upside reversal.

GBPNZD

The pair is testing the 200 SMA 1.7720 level for a complete long-term reversal. Only a daily close above this level would lead to this. Rejection from this level will leave the pair in the range. No change in view as the pair is still testing the 200 SMA.

 

 

Crosses are simply a measure of the relative strength of an individual currency against the dollar. Crosses are distinguished by the fact that they do not include the dollar as either the numerator or the denominator of the pair. As such, they offer traders a tremendous opportunity to make far more nuanced bets in the currency market than the simple pro- or anti-dollar trade.

What makes crosses especially interesting to currency traders is the fact that they can provide much cleaner trend or range signals which will be unaffected by the day-to-day oscillations of the greenback.

Technical analysis is just an indication of possible price movement and does not indicate any trade action which could be initiated by investors and members of this site.