USD/SEK Price Recap
The choppiness in the recent daily price action of USD/SEK continues; to start today, it comes in at a price of 9.63301 US dollars, down 221 pips (0.23%) since yesterday. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 9.92% from the day before — and down 19.83% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/SEK ended up ranking 33rd for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/SEK.
USD/SEK Technical Analysis
The first thing we should note is that USD/SEK is now close to its 20, 50, 100 and 200 day averages, located at 9.5766, 9.4891, 9.598 and 9.5686 respectively, and thus may be at a key juncture along those timeframes. 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. The closest is the 100 day average, which is 350.3 pips away. Volatility for USD/SEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone up 9 out of the past 14 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
WE ARE IN THE C WAVE DOWNWARD AS PER ELLIOTT WAVE PRINCIPLE, WE ARE EXPECTING THE PRICE TO REACH 9.4675.