USDSEK Up 395 Pips Over Past Hour, 4 Day Up Streak Broken; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 8, 2020 15:14 GMT)

Currently, USDSEK’s rate is up 395 pips (0.45%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK, which opened today priced near 8.72254, is down 102 pips 0.12% since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 24th in terms of percentage change since the day prior. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram