Forex crosses technical analysis 5/31/2017

/ 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. Look for the long trade entries with the SL below 122 level.

NZDJPY

The pair is between the 100 SMA 79.282 level and 200 SMA 78.233 level. The daily close above this levels is required for the upside/downside continuation. Look only for short trade entries for now with the SL above the 79.300.

AUDJPY
The pair has been rejected by the 83.800 level and is pressing the strong downside 82.500 resistance. Only the daily close above the 83.800 will invalidate the downside.

USDSEK

The pair is testing the strong downside resistance 8.7000-8.7200 zone for the strong bearish extension into 8.4000-8.5000 zone. Look for fresh short entries only on a daily close below the 8.7000 level.

USDNOK

The pair has pulled back for a retest of the 8.4700 level. This level could provide the downside support. Look only for the short trade entries with the SL above 8.5000.

GBPAUD

The pair has reached the 1.7000-1.7200 zone of the support. Look for the reaction from here. Staying aside for now.

GBPNZD

The pair has pulled back into 1.7700-1.7900 zone. Look for the bullish price action on the reaction from this zone for the upside continuation. SL on long trades should be below 1.7600 level.

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.