USD/SEK Down 13 Pips in Last Hour, Entered Today Up For the 5th Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 15, 2021 1:36 GMT)

At the moment, USDSEK’s rate is down -13 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDSEK has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

USDSEK is up 425 pips (0.49%) since the previous day (opening today near 8.7598), marking the 5th consecutive day it has gone up. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 4th in terms of percentage change since the previous day. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20, 50 and 100 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 50 day average, which is 1090 pips away. 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. 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. For additional context, note that price has gone up 9 out of the past 14 days.