Forex crosses technical analysis 5/24/2017

/ Blog / By Alex

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

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EURJPY

The pair is expected to pull back into 122-123 zone after touching 126 level. Pullback happened and the pair could extend into the 127-128 zone.

NZDJPY

The pair is testing the 200 SMA 78 level. The daily close below 77 is required for the downside continuation. No new short entries are recommended here.

AUDJPY
The pair is pulling back into 83-83.500 zone for a retest of the broken trend line. Look for the short trade entries here with the SL above 84 level.

USDSEK

The pair is testing the strong downside resistance 8.7000 level for the strong bearish extension into 8.4000-8.5000 zone. Look for fresh short entries only on a daily close below this level.

USDNOK

The pair is testing the 8.4000 level for a downside break and a retest of the key uptrend line 8.2000 level. Staying aside for now but giving the greater probability for short entries.

GBPAUD

The pair has reached the 1.7000-1.7200 zone of the support. Look for the long trade entries only with the SL below 1.7000.

GBPNZD

The pair is testing the key uptrend continuation 1.8800 level. The pullback into the 1.8200-1.8400 zone is expected here. Look for reaction in that zone for trade entries. 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.