USD/SEK Up 36 Pips in Last Hour, Makes Big Move Relative to Past Month; 2 Day Down Streak Ended
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
USDSEK
(Last Updated September 22, 2020)
Welcome to the news page for USDSEK (USDSEK). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
As for trends on USDSEK, we’re seeing an uptrend on shorter timeframes — but a downtrend on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
USDSEK Moving Averages
USDSEK’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 20 are bearish, implying a downward trend, save for a spike that occurred about 3 weeks ago. Moreover, it should also be noted that the 20 SMA just turned bullish today.
The chart below illustrates.
As for assets in the Forex asset class USDSEK has been correlated to over the past week, it has been most correlated with EURCHF. Over the past 14 days, however, NZDJPY is the asset most correlated to USDSEK. On the flip side, the asset least correlated with USDSEK over the past week has been EURJPY, but over the past two weeks, NZDCAD has been the asset least correlated with USDSEK. The chart below illustrates USDSEK against its least correlated assets.
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The View From the Weekly Timeframe
Currently, USDSEK’s rate is up 0.0959 (1.1%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. USDSEK’s weekly price action over the past 52 weeks can be seen via the chart below.
USDSEK Down 27 Pips in Last Hour, Makes Big Move Relative to Past Month; Crosses 50 Day Moving Average
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdsek.
USDSEK Up 36 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; is Inching Close to 20 and 50 Day Averages
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up.
USDSEK Down 37 Pips On Hourly Chart, 2 Day Up Streak Snapped; in a Downtrend Over Past 90 Days
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USDSEK Down 92 Pips in Last Hour, 2 Day Down Streak Broken; Eyes 50 Day Average
Of note is that the 200 hour changed directions on usdsek; it is now pointing down.
USDSEK Down 28 Pips On Hourly Chart, 2 Day Down Streak Broken; in a Downtrend Over Past 90 Days
Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up.
USDSEK Down 55 Pips in Last Hour, in a Downtrend Over Past 90 Days; Doji and Pin Bar Patterns Appearing on Chart
Relative to other instruments in the forex asset class, usdsek ranked 24th the previous day in terms of percentage price change.
USDSEK Down 48 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Doji and Pin Bar Patterns Appearing on Chart
Or to simplify this another way, note that out of the past 14 days usdsek’s price has gone up 8 them.
USDSEK Up 35 Pips Over Past Hour, Makes Big Move Relative to Past Month; 2 Day Up Streak Snapped
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.
USDSEK Up 442 Pips in Last Hour, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 14 Days
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.