(Last Updated December 29, 2021 1:41 GMT)
At the moment, USDSEK’s rate is down -76 pips (-0.08%) from the hour prior. This is the 3rd straight hour USDSEK has seen its price head down. 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 downtrend on the 20 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 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 9.0471, down 548 pips (0.6%) from the day prior. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 36th in terms of percentage change since the day prior. Below is a price chart of USDSEK.
USDSEK Technical Analysis
First things first: USDSEK crossed below its 20 day moving average yesterday. Volatility for USDSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. 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 7 them.