USDSEK Down 41 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 6, 2021 2:16 GMT)

At the moment, USDSEK’s rate is down -41 pips (-0.05%) from the hour prior. This is the 2nd consecutive hour USDSEK has seen its price head down. 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 pin bar 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. 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 yesterday (opening today near 8.25), marking the 2nd consecutive day 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. 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 30 days USDSEK’s price has gone down 18 them.