USDSEK Down 103 Pips On Hourly Chart, Entered Today Down For the 2nd Straight Day; Nears 50 Day Moving Average

Hourly Update

(Last Updated October 20, 2020 10:15 GMT)

Currently, USDSEK’s rate is down -103 pips (-0.12%) from the hour prior. USDSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 below 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 is down 166 pips (0.19%) since the day prior (opening today near 8.821), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 29th in terms of percentage change since the day prior. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20, 50 and 100 day averages, located at 8.9105, 8.8026 and 8.9512 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 184.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!