USDSEK Up 56 Pips Over Past Hour, 2 Day Down Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated April 30, 2021 4:16 GMT)

At the time of this writing, USDSEK’s rate is up 56 pips (0.07%) from the hour prior. The hourly chart shows that USDSEK has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Of note is that the 100 and 50 hour changed directions on USDSEK; they are now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 8.36806, up 307 pips (0.37%) from the day prior. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 4th for the day in terms of price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today the current price of USDSEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 361.5 pips away. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!