USDSEK Up 116 Pips in Last Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated December 28, 2020 2:16 GMT)

Currently, USDSEK’s rate is up 116 pips (0.14%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK is down 326 pips (0.39%) since the day prior (opening today near 8.25048), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, USDSEK ranked 37th the day prior in terms of percentage price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that the current price of USDSEK is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 10 out of the past 14 days.