USD/SEK Down 20 Pips in Last Hour, Came Into Today Down For the 2nd Straight Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated August 5, 2022 1:38 GMT)

Currently, USDSEK’s rate is down -20 pips (-0.02%) from the hour prior. USDSEK has seen its price go down 12 out of the past 14 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDSEK. Given that we see downtrend 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 down 1010 pips (0.99%) since yesterday (opening today near 10.1117), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, USDSEK ranked 36th yesterday in terms of percentage price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed below its 50 day moving average yesterday. Volatility for USDSEK 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 7 out of the past 10 days.