Forex crosses technical analysis 3/08/2017

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

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EURJPY

EURJPY is retesting the broken consolidation wedge and 100 SMA 119.922. Bounce from this level could lead to an upside continuation. Staying aside for now.

 

NZDJPY

The has broken below the 100 SMA 80.110 level. This level is now an upside resistance and the downside support. Look only for short entries now in the case of the pullback to 80 level.

 

 

AUDJPY

The pair is testing again 86-86.100 zone support. This support needs to hold for the upside retest of 88-88.400 zone. The break below would lead to an 85 level retest.

 

 

USDSEK

The pair is in the upside continuation and bouncing again from the 8.9800 level. The daily close above 9.0400 level will open 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 opening now the possibility fro the upside 8.6000 level target. SL on long entries below 8.4100.

 

 

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 and briefly breaking below 1.6100 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. No change in view.

 

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.