USD/SEK Down 88 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated July 19, 2022 1:36 GMT)

Currently, USDSEK’s rate is down -88 pips (-0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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 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 is down 750 pips (0.72%) since the day prior (opening today near 10.4001), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, USDSEK ranked 38th the day prior in terms of percentage price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20 day averages, located at 10.3526 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days.