USDSEK Down 55 Pips in Last Hour, in a Downtrend Over Past 90 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 15, 2020 23:14 GMT)

At the time of this writing, USDSEK’s rate is down -55 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Of note is that the 50 hour changed directions on USDSEK; it is now pointing down. 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 8.76621, down 8 pips (0.01%) since the previous day. Relative to other instruments in the Forex asset class, USDSEK ranked 24th the previous day in terms of percentage price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, USDSEK is now close to its 20 and 50 day averages, located at 8.7205 and 8.8218 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 7 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.


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