USDSEK Up 15 Pips in Last Hour, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

At the time of this writing, USDSEK’s rate is up 15 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDSEK has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 an uptrend on the 20 and 10 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)

The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.6355, up 178 pips (0.21%) since the day prior. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 20th for the day in terms of price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, 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 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. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

Not much commentary on USDSEK that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This thing is slowly grinding downwards still, would maybe go back to USD around 7.9 level which I think could be reached around the Election in November because of all the uncertainty and ambiguity that will be leading up to it. Anyways, I’d expect the USD to keep losing value against other G10 currencies, which will/is shown through the $DXY


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