USD/SEK Price Recap
USD/SEK is up 421 pips (0.44%) since yesterday (with its current price near 9.71302), marking the 2nd day in a row an increase has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 15.23% from the day before — and down 6.42% from the same day the week before. USD/SEK outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! Below is a price chart of USD/SEK.
USD/SEK Technical Analysis
Notably, the current price of USD/SEK is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 1083.4 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for USD/SEK 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 up. Or to simplify this another way, note that out of the past 30 days USD/SEK’s price has gone up 21 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Eyes on SEK bottoming out in a larger Head & Shoulders pattern. Keeping an eye on this market closely where we will add directional exposure to the downside on a break and confirmation of the pattern. We are currently net short NOK against a basket of currencies. https://www.tradingview.com/chart/USDNOK/nrTGCxIG-FX-USDNOK-Macro-Outlook-Analysis-Market-Commentary/