Forex crosses technical analysis 2/08/2017

/ Blog / By Alex

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

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EURJPY

EURJPY is now in consolidation flag/wedge formation. It briefly broke below 120.400 level of the flag but is near the strong support confluence of 100 and 200 SMA. Reaction for 119-119.500 zone is important for further upisde.

NZDJPY

The pair is retesting broken wedge and strong upside support 81.500-82 zone. The bounce from this zone could lead to an upside continuation and retest of 83.740. Break below 81.600 will open the downside correction into 79.500.

AUDJPY

The pair is holding above strong support 85.200 level also a rectangle bottom. Only in the case of the daily close below this level we could see deeper correction to 83. The upside range level is 87.

USDSEK

The pair has broken the falling trend line and bunced from 200 SMA 8.6975. Now the pair is on its way to test 100 SMA 8.9700 level on the upside. SL on long trades should be below 8.8000.

USDNOK

The pair has bounced from a critical support 8.2000-8.3000 zone and is now facing the first strong upside resistance 8.3472 level. The daily break above this level is needed for the continuation higher.

GBPAUD

The pair is moving inside the wedge between 1.6100 and 1.6500. Look for reaction/break of this levels for further direction in the pair. Staying aside for now.

GBPNZD

The pair has retested the lower wedge line 1.6800 level and bounced. Still it is in the wedge and long term downtrend. Look for reaction/break of 1.6800 level or upside 1.7300-1.7500 zone.

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.