USD/SEK Up 42 Pips in Last Hour, 2 Day Down Streak Snapped; Price Base in Formation Over Past 90 Days
Price action traders may also wish to note that we see a doji candlestick pattern on usdsek.
USDSEK
(Last Updated November 26, 2020)
Hello! This is the news page for USDSEK. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
If we observe the 30 and 14 day timeframes, we see a downtrend in place for USDSEK.
USDSEK Moving Averages
The moving averages on USDSEK indicate a trend that is clearly bearish.
Below is a chart showing USDSEK’s price with its moving averages.
As for assets in the Forex asset class USDSEK has been correlated to over the past week, it has been most correlated with EURSEK. Over the past 14 days, however, the asset showing the strongest correlation to USDSEK is USDNOK. On the flip side, GBPCAD has been the asset least correlated with USDSEK — but if we observe the prior two weeks, USDJPY has been the asset least correlated with USDSEK. The chart below illustrates USDSEK against its least correlated assets.
.
The View From the Weekly Timeframe
At the time of this writing, USDSEK’s rate is down -0.1203 (-1.4%) from the week prior. Moreover, note that this is the 2nd straight week USDSEK has seen its price head down. As for the trend on the weekly timeframe, we see the clearest trend on the 10 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. The weekly chart below shows USDSEK’s price action over the past year.
USDSEK: The Monthly View
Strongest trend on the 120 month timeframe.
USD/SEK Down 16 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
It’s been a feast for bears operating on an hourly timeframe, as usdsek has now gone down 4 of the past 5 hours.
USD/SEK Down 85 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Ended
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
USD/SEK Down 32 Pips in Last Hour, Entered Today Up For the 2nd Straight Day; in a Downtrend Over Past 30 Days
This move is a reversal from the hour prior, which saw price move up.
USDSEK Down 167 Pips Over Past Hour, 4 Day Down Streak Ended; Price Base in Formation Over Past 90 Days
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.
USDSEK Down 9 Pips On Hourly Chart, 4 Day Down Streak Broken; in a Downtrend Over Past 14 Days
Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
USDSEK Down 68 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; Price Base in Formation Over Past 90 Days
For additional context, note that price has gone down 18 out of the past 30 days.
USDSEK Up 79 Pips in Last Hour, Entered Today Down For the 3rd Straight Day; Price Base in Formation Over Past 90 Days
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
USDSEK Up 146 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 14 Days
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.
USDSEK Up 5 Pips in Last Hour, 3 Day Up Streak Ended; in a Downtrend Over Past 30 Days
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdsek.