USD/SEK Down 117 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated November 19, 2021 1:39 GMT)

Currently, USDSEK’s rate is down -117 pips (-0.13%) from the hour prior. USDSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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)

The back and forth price flow continues for USDSEK, which started today off at 8.8785, up 154 pips 0.17% from yesterday. Relative to other instruments in the Forex asset class, USDSEK ranked 17th yesterday in terms of percentage price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, the current price of USDSEK is sitting close to its 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 2065.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 8 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!