USDSEK Up 17 Pips in Last Hour, 2 Day Down Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated June 3, 2021 4:16 GMT)

Currently, USDSEK’s rate is up 17 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDSEK has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 downtrend 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 20 hour moving average has been crossed, with price now being above 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 entered today at 8.27027, up 7 pips (0.01%) from yesterday. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 19th 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, 50 and 100 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 499 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.