USD/SEK Up 127 Pips On 4 Hour Chart, 3 Day Down Streak Ended; in a Downtrend Over Past 30 Days

USD/SEK 4 Hour Price Update

Updated June 04, 2020 01:09 AM GMT (09:09 PM EST)

USD/SEK is up 127 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 9.2888), marking the 2nd candle in a row it has gone up. USD/SEK outperformed all 37 assets in the Forex asset class the last 4 hour candle. Congrats to its holders!

USD/SEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 down days, USD/SEK snaps its streak, rising 63 pips (0.07%) over the past day to close at an exchange rate of 9.28915. Relative to other instruments in the Forex asset class, USD/SEK ranked 18th the previous day in terms of percentage price change. The price chart of USD/SEK below illustrates.

USD/SEK Technical Analysis

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 2943.1 pips away. 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 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The US Dollar could continue to lose value in the near future, and the US Economy is worse than ever….Right now, it makes sense that the US Dollar will continue to lose value in the near future….Seems like a the SEK or EURO is destined to outperform the US Dollars in the near future.