USDSEK Up 14 Pips On Hourly Chart, 3 Day Up Streak Ended; Crosses 20 Day Moving Average

Hourly Update

(Last Updated January 13, 2021 2:16 GMT)

At the moment, USDSEK’s rate is up 14 pips (0.02%) 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. 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 and 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 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)

A moment of silence, please, for the end of USDSEK’s 3 day up streak; price ended the day prior down 567 pips (-0.68%) to finish the day at a rate of 8.2424. Relative to other instruments in the Forex asset class, USDSEK ranked 37th the day prior in terms of percentage 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. 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 10 days USDSEK’s price has gone up 5 them.