It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdsek.
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
Of note is that the 200 hour changed directions on usdsek; it is now pointing down.
Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up.
Relative to other instruments in the forex asset class, usdsek ranked 24th the previous day in terms of percentage price change.
Or to simplify this another way, note that out of the past 14 days usdsek’s price has gone up 8 them.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.