USD/SEK Up 66 Pips in Last 4 Hours, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

USD/SEK 4 Hour Price Update

Updated August 03, 2020 05:10 AM GMT (01:10 AM EST)

USD/SEK is up 66 pips (0.08%) since the previous 4 hours (opening the current 4 hour candle near 8.7833), marking the 2nd candle in a row an increase has occurred. Out of the 37 instruments in the Forex asset class, USD/SEK ended up ranking 9th for the four-hour candle in terms of price change.

USD/SEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/SEK continues; to start today, it came in at a price of 8.77079, down 8 pips (0.01%) since the day prior. Relative to other instruments in the Forex asset class, USD/SEK ranked 28th the day prior in terms of percentage price change. Below is a price chart of USD/SEK.

USD/SEK

USD/SEK Technical Analysis

Coming into today the current price of USD/SEK 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. Volatility for USD/SEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.