USDSEK Down 15 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 2, 2021 2:16 GMT)

At the moment, USDSEK’s rate is down -15 pips (-0.02%) from the hour prior. This is the 2nd hour in a row USDSEK has seen its price head down. 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 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 is down 123 pips (0.15%) since yesterday (opening today near 8.26955), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 24th for the day in terms of price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, 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 20 day average, which is 612.4 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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 down 6 out of the past 10 days.