Forex crosses technical analysis 4/05/2017

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

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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. We have a retest of the support zone and 200 SMA. Staying aside for now.




The pair is breaking below the 200 SMA 77.484 level but we need to wait for confirmation of the break in the next days for a directional trade into 74-74.500 zone or an upside reversal and a test of 79.400.



The pair has broken below 100 SMA 85.360 level, leaving it vulnerable for more downside, but is bouncing from the strong uptrend support line 83.500 level. The daily close above 85.360 level is required for the upside continuation into the 86.500-87 zone. Staying aside for now.




The pair has broken above the long-term falling trend line 8.9600 level and is testing the 100 SMA 9.0171 level for the uptrend continuation. The support zone is 8.9000-8.9300.




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. The pair has bounced from the strong support zone 8.3800-8.41000 targeting 8.6700 higher. The support zone is 8.5000-8.5500.




The pair is moving inside the wedge between 1.6100 and 1.6600. Look for reaction/break of this levels for further direction in the pair. The break below 1.6240 could lead to a retest of 1.6000 level. The daily close above 1.6797 200 SMA is required for an upside reversal. Staying aside from this range.



The pair is testing the 200 SMA 1.7720 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. No change in view as the pair is above the 200 SMA but without strong confirmation.



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.

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