Forex crosses technical analysis 3/22/2017

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

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EURJPY

EURJPY is in the middle of the consolidation wedge Only the daily close above 122.700 would call for an upside extension. We could see a retest of 118.300-119.500 zone.

 

 

NZDJPY

The pair is reaching the strong upside support 77.500-78.000 zone. Reaction from this zone is required for a medium-term direction.  Staying aside for now.

 

 

AUDJPY

The pair is testing the 100 SMA 85 level of the strong support. The daily close below this level could lead to a deeper pullback. Bounce from here is required for the upside continuation. 

 

 

USDSEK

The pair is testing strong support 8.7500-8.8000 zone. Look only for long entries for now with the SL below 8.7800 as long as this support zone holds. Only a daily close below 8.7600 will invalidate the upside continuation.

 

 

USDNOK

The pair has pulled back to a strong support 8.3800-8.41000 zone. The bounce from this zone is required for the upside continuation. Only the daily close below 8.3700 would lead to and invalidation of the upside continuation.

 

 

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. The pair is reacting to a lower range 1.6000 level. The daily close above 1.6260 is required for an upside reversal into 1.6500-1.6800 zone.

 

 

GBPNZD

The pair is testing the 200 SMA 1.7793 level for a complete long-term reversal. Only a daily close above this level would lead to this. Rejection from this level will leave the pair in the range.

 

 

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.