Forex crosses technical analysis 4/26/2017

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

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EURJPY

EURJPY is testing again the broken triangle 121.500-122 zone. The rejection from this zone could lead to a downside continuation into 115-116. Staying aside for now.

 

 

NZDJPY

The pair is breaking below the 200 SMA 77.484 level and we had a pullback into this level. Downside continuation into 74-74.500 zone is open. SL on short trade entries should be above 77.570. 

 

AUDJPY

The pair is retesting the 83.500-84 zone. The rejection from this zone is required for the downside continuation. Only the daily close above 84 will invalidate the downside. Staying aside for now.

 

 

 

USDSEK

The pair has broken below the 200 SMA 8.8632 level and has completely reversed the long-term uptrend. Look only for short trade entries with SL above 8.8600. The daily close below 8.7630 will accelerate the downside.

 

USDNOK

The pair has broken below the strong support 8.5500-8.5800 zone. This is now the downside support for the continuation lower. Look only for short trade entries with SL above 8.6000 targeting 8.4000.

 

 

GBPAUD

The pair has broken above the 200 SMA and the strong resistance 1.6710 level. The daily close above 1.7200 will completely reverse the long-term downtrend. The upside support is 1.6600-1.6700 level. Look only for trade entries with SL below 1.6700. No change in view.

 

GBPNZD

The pair is has broken above the 200 SMA 1.7670 level and has confirmed the break. The support zone is 1.7800-1.7900 zone. Look only for long entries with SL below 1.7800 level because the pair has made a complete long-term downtrend reversal. 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.