USDSEK Up 35 Pips Over Past Hour, Makes Big Move Relative to Past Month; 2 Day Up Streak Snapped

Hourly Update

(Last Updated September 11, 2020 16:14 GMT)

Currently, USDSEK’s rate is up 35 pips (0.04%) from the hour prior. USDSEK has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 entered today at 8.74227, down 803 pips (0.91%) from the previous day. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 36th in terms of percentage change since the previous day. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20 and 50 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 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 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 up 9 them.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram