Price action traders may also wish to note that we see a doji candlestick pattern on usdsek.
It’s been a feast for bears operating on an hourly timeframe, as usdsek has now gone down 4 of the past 5 hours.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
This move is a reversal from the hour prior, which saw price move up.
Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
For additional context, note that price has gone down 18 out of the past 30 days.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdsek.