USDSEK Up 11 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 90 Days

At the time of this writing, USDSEK’s rate is up 11 pips (0.01%) from the hour prior. USDSEK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 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)

USDSEK is down NA pips (0.41%) since the previous day (opening today near 8.7106), marking the 2nd straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 30th for the day in terms of price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: 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. 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 14 days USDSEK’s price has gone up 7 them.


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