USDSEK Up 23 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated July 23, 2021 23:14 GMT)

At the time of this writing, USDSEK’s rate is up 23 pips (0.03%) from the hour prior. This is the 2nd consecutive hour USDSEK has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend 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 down 144 pips (0.17%) since yesterday (opening today near 8.67683), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 27th for the day in terms of price change. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 725.5 pips away. 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone up 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.