Forex crosses technical analysis 1/18/2017

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

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EURJPY

EURJPY has broken below consolidation triangle. Look for short entries on a possible bearish retest reaction from 122 level targeting 118. This will also depend on an EUR weakness across the market. If the pair closes daily above 122 we could see this as a false break and continuation higher.

 

NZDJPY

The pair is in a triangle and we need a move above 81.900 or below 80.670 for further direction. A break above 81.700 would lead to a retest of the 83-84  zone, while a break below 80.700 could lead to a deeper correction to 78-79 zone.

AUDJPY

The pair has briefly broken below the rising wedge and 85 level. A break below this level could target 81.544 while the strength in the pair could lead to a retest of 87. Stop loss on longs should be below 85 with a reversing short trade.

 

USDSEK

The pair has reached strong uptrend support, Pitchfork channel uptrend line, 8.8400 level. The pair is in a wedge. In order to break a wedge, we need to see a close above 9.0300. Below 8.8300 there is a scope for further downside into 8.500-8.600 zone.

 

USDNOK

The pair has broken below rising trend line 8.5291 level. Further downside is limited by 100 and 200 SMA and also an uptrend Pitchfork channel 8.3354. O the upside the main resistance is 8.5799. 

 

GBPAUD

The pair has broken below consolidation box 1.6738 level. Immediate continuation down after the retracement would lead to a retest of 1.5826. Deeper retracement could lead to a retest of broken rectangle box 1.6730  level.

 

GBPNZD

Similar to GBPAUD, GBPNZD has broken below consolidation triangle 1.7360 level. Retracement could lead to a retest of indicated level and continuation lower from here to a test of 2016 low 1.6721.

 

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.