USD/SEK Up 10 Pips in Last Hour, 4 Day Down Streak Snapped; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated October 5, 2020 16:22 GMT)

Currently, USDSEK’s rate is up 0.001 (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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)

A moment of silence, please, for the end of USDSEK’s 4 day down streak; price ended the previous day up 164 pips (0.18%) to finish the day at a rate of 8.92219. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 9th for the day in terms of price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 494.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days USDSEK’s price has gone up 17 them.