USDSEK Up 144 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 13, 2020 2:15 GMT)

At the moment, USDSEK’s rate is up 144 pips (0.16%) 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 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK, which opened today priced near 8.79588, is up 216 pips 0.25% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 8th in terms of percentage change since the previous day. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed above its 50 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 50 day average, which is 54.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.