USDSEK Up 12 Pips in Last Hour, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 10, 2021 7:16 GMT)

At the moment, USDSEK’s rate is up 12 pips (0.01%) from the hour prior. This is the 2nd hour in a row USDSEK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDSEK. Given that we see an uptrend on the 20 and 10 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 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)

The back and forth price flow continues for USDSEK, which started today off at 8.26548, down 66 pips 0.08% from yesterday. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 22nd in terms of percentage change since yesterday. 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. Volatility for USDSEK 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 down. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!