Forex crosses technical analysis 5/10/2017

/ Blog / By Alex

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

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EURJPY

EURJPY is breaking above the strong resistance 123 level making this an uptrend continuation. Look only for long trade entries with SL below 122.

NZDJPY

The pair is again above the 200 SMA 77.850 level. The real upside resistance test is 100 SMA 79.750 level for the uptrend continuation. Reaction from this level is important for an upside continuation or reversal to the downside again.

AUDJPY
The pair is testing again the 84-84.500 zone. Staying aside for now.

USDSEK

The pair is still trading around the 200 SMA 8.8800 level. The downside continuation below this level would lead to an extended downside. The strong upside resistance is 8.9500-9.000 zone.

USDNOK

The pair is testing again the falling trend line 8.6500-8.7000 zone. The daily close above the 8.7300 level is required for the upside continuation. The rejection would lead to a retest of 8.5800 level.

GBPAUD

The pair has reversed the downside and has reached the 1.7600-1.7700 zone. We could see a pullback into the 1.7200 support before the continuation higher. Staying aside for now.

GBPNZD

The pair is has broken above the 1.8600 in the continuation above 1.8000-1.8200 zone. It is testing the 1.8800 level and we could see a pullback into the 1.8200-1.8400 zone before the continuation.

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.