Forex crosses technical analysis 12/14/2016

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

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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. The pair reached 123 level and we have to watch price action here for possible reversal and retest of 200 SMA 118.480 or break out higher for a target of 126. No change in view.



The upside resistance 78.650 is broken and the pair continued upside and is reaching strong resistance zone 82-83.500. Waiting for a reaction here.



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.Target is reached and we are watching price action here to break out above 86.600 or reversal to support retest.


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. No change in view bouncing from strong support.



USDNOK is testing now strong support 8.3200-8.3600. We expect this zone to hold for an upside retest of 8.5000 and continuation higher. Bounce from support and we expect upside continuation above 8.5000 which is the key level now.



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 and waiting for reaction here on a 1.7000 break concerning the fact that we didn’t have confirmation of the break.



Similar to GBPAUD the pair has broke briefly 100 SMA  (red line) 1.7760 level and reversed. We want to see confirmation for direction. 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.

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