USDSEK Up 40 Pips in Last Hour, Entered Today Up For the 5th Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 15, 2021 18:14 GMT)

Currently, USDSEK’s rate is up 40 pips (0.05%) from the hour prior. USDSEK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 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 up 425 pips (0.49%) since the previous day (opening today near 8.7598), marking the 5th consecutive day it has gone up. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 4th in terms of percentage change since the previous day. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Coming into today the current price of USDSEK is sitting close to its 20, 50 and 100 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 50 day average, which is 1090 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 days.