USD/SEK Down 109 Pips, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

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 9.35691 US dollars, down 109 pips (0.12%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 38.5% from the day prior, but up 7.9% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/SEK ended up ranking 18th for the day in terms of day-over-day price change. The price chart of USD/SEK below illustrates.

USD/SEK Technical Analysis

The first thing we should note is that USD/SEK is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 559.7 pips away. Volatility for USD/SEK has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.