USD/SEK Down 3 Pips, in an Uptrend Over Past 30 Days; Eyes 20 and 100 Day Averages

USD/SEK Price Recap

USD/SEK enters today at 9.63273 in US dollars, down 3 pips (0%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 0.97% from the day prior, but down 11.7% from the same day the week before. Relative to other instruments in the Forex asset class, USD/SEK ranked 23rd yesterday in terms of percentage price change. The price chart of USD/SEK below illustrates.

USD/SEK Technical Analysis

Notably, USD/SEK is now close to its 20, 50, 100 and 200 day averages, located at 9.5852, 9.4909, 9.5973 and 9.569 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 100 day average, which is 354 pips away. Volatility for USD/SEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USD/SEK’s price has gone up 8 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Well, the analysis says it all. bearing potentials on this pair. I predicted favourable moves , however, no guarantees price will respect my opinion. G.Luck !