USDSEK Up 21 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 7, 2021 2:16 GMT)

At the moment, USDSEK’s rate is up 21 pips (0.03%) from the hour prior. The hourly chart shows that USDSEK has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDSEK. Given that we see downtrend on the 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK is down 194 pips (0.24%) since the previous day (opening today near 8.1651), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 31st in terms of percentage change since the previous day. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today the current price of USDSEK is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDSEK’s price has gone down 20 them.