USDSEK Down 74 Pips Over Past Hour, 2 Day Down Streak Broken; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated December 29, 2020 2:16 GMT)

At the time of this writing, USDSEK’s rate is down -74 pips (-0.09%) 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. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them with price now being below them. 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)

The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.2651, up 146 pips (0.18%) since yesterday. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 13th in terms of percentage change since yesterday. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that 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 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.