Forex crosses technical analysis 5/3/2017

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

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EURJPY

EURJPY is testing again the broken triangle 121.500-122 zone. The rejection from this zone could lead to a downside continuation into 115-116. Staying aside for now.

 

 

NZDJPY

The pair is testing again the 200 SMA previously broken to the downside and the strong upside resistance 77.800-78 zone. The daily close above this zone is required for the upside continuation into 79. The rejection from here would lead to a retest of 76.500.

 

AUDJPY
The pair is retesting the 83.500-84 zone. The rejection from this zone is required for the downside continuation. Only the daily close above 84 will invalidate the downside. Staying aside for now.

 

 

 

USDSEK

The pair has broken below the 200 SMA 8.8632 level and has completely reversed the long-term uptrend. Look only for short trade entries with SL above 8.8600. The daily close below 8.7630 will accelerate the downside.

 

USDNOK

The pair has broken below the strong support 8.5500-8.5800 zone. This is now the downside support for the continuation lower. Staying aside for now as the pair is retesting the broken support zone.

 

 

GBPAUD

The pair has broken above the 200 SMA and the strong resistance 1.6710 level. The daily close above 1.7200 will completely reverse the long-term downtrend. The upside support is 1.6600-1.6700 level. Look only for trade entries with SL below 1.7000 as the pair is confirming the break above 1.7200 level.

 

 

GBPNZD

The pair is has broken above the 1.8600 in the continuation above 1.8000-1.8200 zone. Look only for the long trade entries with SL below 1.8500 level targeting 2.0000.

 

 

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.