Forex crosses technical analysis 11/30/2016

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. Break of 200 SMA 118.480 level opened the upside with the next target zone 121-123.

 

 

NZDJPY

The upside resistance 78.650 is broken and the pair continued upside and is reaching strong resistance zone 81-81.500. We will watch price action in that zone for new entries.

 

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. The pair broke important upside resistance 82.619, and 86 level is opened. We will wait for better long set up.

 

USDSEK

The pair is retracing recent swing high and is reaching strong support 9.0500-9.0100 zone. We will be watching price action in this zone for long entries to target 9.6000.

 

USDNOK

USDNOK is testing now strong support 8.4900-8.5000 and a hold of this level, which is also broken Pitchfork channel, would lead to an upside continuation. SL on longs here should be below 8.4800.

 

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.