USDSEK Down 80 Pips Over Past Hour, Price Base in Formation Over Past 90 Days; Nears 200 Day Moving Average

Hourly Update

(Last Updated November 5, 2021 23:14 GMT)

At the moment, USDSEK’s rate is down -80 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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 entered today at 8.52826, down 440 pips (0.51%) from yesterday. Relative to other instruments in the Forex asset class, USDSEK ranked 37th yesterday in terms of percentage price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, the current price of USDSEK is sitting close to its 20, 50, 100 and 200 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 200 day average, which is 27.3 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 30 day timeframe, which shows price moving down 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 down 8 them.