USD/SEK Down 18 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 2, 2022 1:37 GMT)

Currently, USDSEK’s rate is down -18 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDSEK. Given that we see an uptrend on the 20 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)

The back and forth price flow continues for USDSEK, which started today off at 11.0096, down 131 pips 0.12% from yesterday. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone down 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.