Forex crosses technical analysis 3/15/2017

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. Bouncing from this level and the pair is testing again 122.700 level for the upside continuation. Break above this level could lead to and upside continuation.

 

NZDJPY

The pair 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 80-81.50 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. We have a bounce from this zone and only long trade entries are preferred here with SL below 86.000 level.

 

USDSEK

The pair has bounced from a strong support 8.9000 level. Look only for long trade entries here with SL below 8.8900 level for an upside continuation targeting 9.0944 level at least.

 

 

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. The 8.6000 level target reached and the close above is needed for the retest 8.7000 falling trend line. Fresh long entries only in the case of a pullback to 8.5000-8.5500 zone.

 

 

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 is testing the 1.7650 for the continuation higher or another fall into 1.7000 lower wedge level. Staying aside 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.