Forex crosses technical analysis 11/23/2016

/ Blog / By Alex

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

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EURJPY

EURJPY has broken the three months rectangle and is now on a way to test major upside resistance 200 SMA (blue line) 118.900. No action before break of this level concerning the weakness of EURUSD.

NZDJPY

Similar to the AUDJPY the pair broke the falling trend but is still with in a wedge between 73.400 and 78.000 level. The upside resistance 78.650 should be broken for the continuation. Longs are favored above this level with SL below 77.500.

AUDJPY

The pair broke the downtrend line and 200 SMA to the upside and as long as 79.800 level holds we see upside continuation. If longs are initiated here SL should be below 79.800 targeting 86 on the upside.Support in pullbacks is 81-81.500 zone but the trend is bullish now. Testing important upside resistance 82.619, break is opening 86.

USDSEK

The pair is now in a strong uptrend. Break above 9.1000 is needed for upside continuation and a hold of this level. Regarding USDSEK positive correlation with EURUSD here we prefer short EURUSD rather then USDSEK long. Strong upside continuation and first resistance upside is 8.3200. No change in view.

USDNOK

USDNOK has reversed medium term downtrend and is now breaking Inverse H&S bullish formation with neckline at 8.3300 level. The target higher now is 8.7200 in case of 8.5200 break at least with . SL on shorts should be below 8.3900. No change in view bounce from perfect support and upside 8.7000 at least is open.

GBPAUD

Liquidity is back in GBP pairs and GBPAUD is open for the upside now. First resistance is 100 SMA 1.7000 and for a complete reversal this level should be broken. SL should be below 1.6600 on initiated longs here. No change in view standing aside waiting for a 1.7000 test.

GBPNZD

Similar to GBPAUD the pair has on the way to test 100 SMA (red line) 1.7896 level. Price action when this level is reached will give us further directions for the trade. Sidelines for now.

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.