Forex crosses technical analysis 1/11/2017

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

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EURJPY

EURJPY is in consolidation triangle. The pair need to break 124 level for the continuation higher. Staying side for now. Below 122 we could see deeper correction.

 

 

NZDJPY

The pair is in a triangle and we need a move above 81.900 or below 80.670 for a direction in the pair.

AUDJPY

The pair is in a rising wedge and a break above would open the 86 level test for continuation higher.

USDSEK

The pair is retracing recent swing high and is reaching strong support 9.1000-9.1200. Watch the price action here for new entries within a trend and it is long term uptrend. The pair need a break above 9.2200 level for uptrend continuation. No change in view.

 

USDNOK

USDNOK is going for a retest of broken last week highs 8.6400. Look for chances to join an uptrend in 8.5500-8.6000 zone if reached or on a clear break of 8.7300. Bouncing from support zone and now need a clear break above 8.6000 for continuation higher and retest of 8.7442.

 

GBPAUD

The pair is in a consolidation box above 1.6800. Consolidation box is broken to downside. Downside support is 1.6800. We could see a retest of 1.6000 last year low as long as the pair is below 1.6800 level.

 

GBPNZD

GBPNZD is in a consolidation triangle. Break above 1.7800 is needed for upside continuation. Break below 1.7600 could lead to downside continuation. We had a downside triangle break. Targets on the downside are 1.7100 and 1.6900 last year low. Support is 1.7450-1.7600 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.