USDSEK Down 3 Pips On Hourly Chart, Entered Today Down For the 2nd Straight Day; Breaks Below 200 Day Average

Hourly Update

(Last Updated April 7, 2021 3:16 GMT)

At the moment, USDSEK’s rate is down 3 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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 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 is down 891 pips (1.02%) since the previous day (opening today near 8.61264), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 38th in terms of percentage change since the previous day. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, USDSEK crossed below its 200 day moving average yesterday. 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 210.9 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 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 14 out of the past 30 days.