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. The pullback has happened. Look for the long trade entries with the SL below 122 level. No change in view. The daily close below 121.850 could invalidate the upside scenario.
NZDJPY
The pair is bouncing from the 100 SMA 79.037 level for a continuation higher. Look for the long trade entry in the case of a strong daily close above this level with the SL just below 78.420.
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. The daily close below 82 level is required for a downside extension. Staying aside for now.
USDSEK
The pair is retesting again the strong downside resistance 8.7000-8.7200 zone for the strong bearish extension into 8.4000-8.5000 zone. Staying aside for now. Fresh short entries only on a daily close below 8.6800 level. No change in view.
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 for now.
GBPAUD
The pair is reaching the 1.6700 level of the support. The bounce from this level could lead into a 1.7000 level retest. Staying aside for now. Only the daily close below this level would invalidate the upside scenario.
GBPNZD
The pair has broken below the 1.7700 level for the downside extension into 1.7200-1.7400 zone. This zone should hold for an upside 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.