USD/SEK Down 782 Pips, Breaks Below 20 Day Average; Price Base in Formation Over Past 14 Days

USD/SEK Price Recap

USD/SEK enters today at 9.6556 in US dollars, down 782 pips (0.8%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 22.25% from the day prior, and up 73.23% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/SEK ended up ranking 33rd for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/SEK.

USD/SEK Technical Analysis

Notably, USD/SEK crossed below its 20 day moving average yesterday. 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 20 day average, which is 235.7 pips away. 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 USD/SEK’s price has gone up 8 them.

A final note on correlations: over the past week, USD/CHF has been the pair most correlated with USD/SEK — not terribly surprising, given that USD is in both currency pairs. On the flip side, in terms of pairs with the least correlation to USD/SEK, AUD/CAD is the pair that holds that distinction for the past week, while AUD/NZD does on a two week basis.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on that we thought you might enjoy.