Forex crosses technical analysis 5/17/2017

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

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EURJPY

The pair is expected to pull back into 122-123 zone after touching 126 level. Staying aside for now.

 

 

NZDJPY

The pair is testing the 77.50 level for the downside extension. Look only for short trade entries with the SL above 78 targeting 75 level at least.

 

 

AUDJPY
The pair is pulling back into 82-82.500 zone for another test of this key zone. Look for the short trade entries on a clear daily close below this zone.

 

 

USDSEK

The pair is testing the strong downside resistance 8.7750 level for the strong bearish extension into 8.4000-8.5000 zone. Look for fresh short entries only on a daily close below this level.

 

USDNOK

The pair is testing the 8.4000 level for a downside break and a retest of the key uptrend line 8.2000 level. Staying aside for now.

 

 

 

GBPAUD

The pair has reversed the downside and has reached the 1.7600-1.7700 zone. We could see a pullback into the 1.7200 support before the continuation higher.  Staying aside for now. 

 

 

GBPNZD

The pair is testing the key uptrend continuation 1.8800 level. The pullback into the 1.8200-1.8400 zone is expected here. Look for reaction in that zone for trade entries.

 

 

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.