USD/SEK Down 219 Pips in Last Hour, Underperforms All Forex; Moves Down For the 2nd Straight Day

Hourly Update

(Last Updated November 24, 2022 1:38 GMT)

At the moment, USDSEK’s rate is down -219 pips (-0.21%) 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 20 hour timeframe. 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 1831 pips (1.72%) since yesterday (opening today near 10.4563), marking the 2nd straight day a decline has happened. Those trading within the Forex asset class should know that USDSEK was the worst performer in the class. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, USDSEK is now close to its 100 and 200 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 200 day average, which is 2220.7 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone down 8 them.