USD/SEK Up 109 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Breaks Above 100 Day Average
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
USDSEK
(Last Updated March 4, 2021)
Hello! This is the news page for USDSEK. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for USDSEK
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| United States Continuing Jobless Claims | 20/Feb 2021 | US Dollar | USD | 2021-03-04 | 13:30 GMT | 4300K | |
| United States Jobless Claims 4-week Average | Feb/27 2021 | US Dollar | USD | 2021-03-04 | 13:30 GMT | ||
| United States Initial Jobless Claims | 27/Feb 2021 | US Dollar | USD | 2021-03-04 | 13:30 GMT | 750K | |
| United States Unit Labour Costs QoQ Final | Q4 2020 | US Dollar | USD | 2021-03-04 | 13:30 GMT | 6.6% | |
| United States Nonfarm Productivity QoQ Final | Q4 2020 | US Dollar | USD | 2021-03-04 | 13:30 GMT | -4.7% |
The Trend
As for trends on USDSEK, we’re seeing an uptrend on shorter timeframes — but a downtrend on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
USDSEK Moving Averages
The moving averages on USDSEK summarize its price action in an interesting way. The 20 and 50 day averages suggest a bullish trend, as they are pointing upwards, while the 100 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes. This implies that the long-term trend — meaning going back over 3 months — is bearish, while the trend over the past month and a half is bullish. 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 EURUSD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to USDSEK is EURSEK. Alternatively, the asset least correlated with USDSEK over the past week has been EURCHF, but if we observe the prior two weeks, the asset least correlated with USDSEK has been AUDCHF. See the chart below to observe the recent price action in USDSEK versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the time of this writing, USDSEK’s rate is down -61 pips (-0.07%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDSEK. Given that we see downtrend on the 20 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows USDSEK’s price action over the past year.
USDSEK: The Monthly View
Clearest trend on the monthly is apparent at the 120 month timeframe.
USDSEK Down 60 Pips Over Past Hour, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
USDSEK Down 76 Pips Over Past Hour, Price Base in Formation Over Past 30 Days; is Inching Close to 100 Day Average
Or to simplify this another way, note that out of the past 10 days usdsek’s price has gone up 5 them.
USDSEK Down 97 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
USDSEK Down 37 Pips On Hourly Chart, 2 Day Up Streak Snapped; Price Base in Formation Over Past 30 Days
Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
USDSEK Down 35 Pips Over Past Hour, Makes Big Move Relative to Past Month; Entered Today Up For the 2nd Day In A Row
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
USDSEK Up 137 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Nears 20 and 50 Day Moving Averages
Price action traders may also wish to note that we see a doji candlestick pattern on usdsek.
USDSEK Down 15 Pips On Hourly Chart, 2 Day Up Streak Ended; is Inching Close to 50 Day Average
From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
USDSEK Up 13 Pips Over Past Hour, Came Into Today Up For the 2nd Straight Day; Eyes 50 Day Average
It’s been a feast for bears operating on an hourly timeframe, as usdsek has now gone down 4 of the past 5 hours.
USDSEK Down 8 Pips in Last Hour, 2 Day Down Streak Ended; Eyes 50 Day Average
The closest is the 50 day average, which is 404.1 pips away.