USD/SEK Up 102 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 17, 2021 1:44 GMT)

At the moment, USDSEK’s rate is up 102 pips (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 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 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 up 945 pips (1.07%) since the previous day (opening today near 8.8985), marking the 7th straight day an increase has occurred. Relative to other instruments in the Forex asset class, USDSEK ranked 4th the previous day in terms of percentage price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

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 50 day average, which is 2366.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 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 up 10 out of the past 14 days.