USDSEK Down 109 Pips in Last Hour; Entered Today Up For the 2nd Day In A Row

Hourly Update

(Last Updated January 5, 2021 2:16 GMT)

At the moment, USDSEK’s rate is down -109 pips (-0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 319 pips (0.39%) since the previous day (opening today near 8.25), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 5th 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 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone down 10 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Signal no.1✳️✳️Buy Usd/Sek @ 8.2050Tp – 8.2850 & 8.3401Support around 8.1690📣📣