Forex crosses technical analysis 3/01/2017

/ Blog / By Alex

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

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EURJPY

EURJPY is now in consolidation flag/wedge formation. It is testing 100 SMA and the lower wedge line 119.100 level. The daily close above 119.700 is needed for the upside reversal.

NZDJPY

The pair is testing the uptrend line support 81 level. The daily close above 82.140 is needed for the upside continuation and a retest of 84. Staying aside for now.

AUDJPY

The pair is Bouncing again from 86.200-86.500 zone and we could see a retest of 88.400 with a daily close above 87 level.

USDSEK

The pair is in the upside continuation. The daily close above 9.0700 level will ope the door for the medium-term uptrend continuation. Only long trades are recommended with SL below 8.8800.

USDNOK

The pair has broken above the confluence of resistance and is continuing the medium-term uptrend. The break above 8.4100 level, also 100 SMA is needed for the upside 8.6000 level target.

GBPAUD

The pair is moving inside the wedge between 1.6100 and 1.6500. Look for reaction/break of this levels for further direction in the pair. Staying aside for now while the pair is testing 1.6150 lower wedge level.

GBPNZD

The pair has retested the lower wedge line 1.6800 level and bounced. Still, it is in the wedge and long term downtrend is prevailing. Look for reaction/break of the upside 1.7300-1.7500 zone. The daily close above 1.7500 level is needed for the retest of 1.7700 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.