USD/SEK Down 86 Pips On Hourly Chart; 3 Day Down Streak Broken

Hourly Update

(Last Updated November 10, 2022 1:46 GMT)

At the time of this writing, USDSEK’s rate is down -86 pips (-0.08%) from the hour prior. USDSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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, which opened today priced near 10.8804, is up 1467 pips 1.37% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 2nd in terms of percentage change since yesterday. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that the current price of USDSEK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 5 them.