(Last Updated April 1, 2021 0:16 GMT)
At the moment, USDSEK’s rate is up 45 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDSEK End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDSEK is up 440 pips (0.51%) since the previous day (opening today near 8.73155), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 3rd in terms of percentage change since the previous day. Below is a price chart of USDSEK.
USDSEK Technical Analysis
Coming into today USDSEK is now close to its 20 and 200 day averages, located at 8.5436 and 8.6497 respectively, and thus may be at a key juncture along those timeframes. 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 818.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 17 out of the past 30 days.