Forex crosses technical analysis 2/01/2017

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

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EURJPY

EURJPY is now in consolidation flag which could become bullish continuation in the case of a break above 123.550. The break below 120.400 could lead to a retest of 117-118 zone. The break of 123.500 is required for 125 upside target.Wait for a reaction from flag levels.

 

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 briefly broke below uptrend line and is now bouncing again from strong support 34 SMA 85.340 level. If we get a daily close above 86 we could get a retest of 87 level. Below 84.900 level deeper correction will be in play.

 

 

USDSEK

The pair is in a falling wedge (usually bullish) testing 100% Fibbo extension from the top 8.7435 level. 200 SMA is just below at 8.6778 and that is the last medium uptrend support in the pair. Upside continuation for a test of 9.0200 only on a clear daily break above 8.8500.

 

USDNOK

The pair is in a sharp falling wedge testing 61.8% Fibbo retracement from the 8.7500 swing down. The daily break above the wedge 8.2800 is required for a possibility of upside turn into 8.3500.

 

GBPAUD

The pair has broken below consolidation box 1.6738 level. Now the pair is retesting broken 1.6700 level. Reaction from this level is important for more upside and a push into 1.6900 or continuation downside into 1.6100 level. No change in view the pair is in the middle of the wedge.

 

GBPNZD

Similar to GBPAUD, GBPNZD has broken below consolidation triangle 1.7360 level. The broken level is on a retest now and a break above could lead to and upside test of 1.7500. Look for reaction from this level for a possible downside continuation and a retest of lower 1.6800 level.

 

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.