USDSEK Up 17 Pips On Hourly Chart, Crosses 20 Day Moving Average; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated October 8, 2020 2:16 GMT)

Currently, USDSEK’s rate is up 17 pips (0.02%) 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 doji candlestick pattern on USDSEK. Given that we see downtrend on the 20 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)

The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.8786, down 749 pips (0.84%) since the previous day. Relative to other instruments in the Forex asset class, USDSEK ranked 39th the previous day in terms of percentage price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

First things first: USDSEK crossed below its 20 day moving average yesterday. 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 139.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.