USDSEK Down 25 Pips in Last Hour, Entered Today Up For the 2nd Day In A Row; Eyes 50 Day Average

Hourly Update

(Last Updated October 14, 2020 2:15 GMT)

At the moment, USDSEK’s rate is down -25 pips (-0.03%) from the hour prior. This is the 2nd straight hour USDSEK has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK is up 241 pips (0.27%) since yesterday (opening today near 8.82), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20, 50 and 100 day averages, located at 8.9006, 8.7925 and 8.9764 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 50 day average, which is 274.6 pips away. 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone up 16 out of the past 30 days.