USD/SEK Down 60 Pips On Hourly Chart, Crosses 20 Day Moving Average; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated January 12, 2022 1:37 GMT)

At the time of this writing, USDSEK’s rate is down -60 pips (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDSEK has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 9.03979, down 572 pips 0.63% from the previous day. Relative to other instruments in the Forex asset class, USDSEK ranked 36th the previous day in terms of percentage price change. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 5 them.