USD/SEK Down 48 Pips in Last Hour, 2 Day Down Streak Ended; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated July 15, 2022 1:39 GMT)

At the moment, USDSEK’s rate is down -48 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDSEK has now gone down 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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)

The back and forth price flow continues for USDSEK, which started today off at 10.5679, up 152 pips 0.14% from the previous day. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20 day averages, located at 10.3228 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.