USDSEK Up 30 Pips in Last Hour, Entered Today Down For the 2nd Consecutive Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated October 9, 2020 2:15 GMT)

At the moment, USDSEK’s rate is up 30 pips (0.03%) from the hour prior. USDSEK has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

USDSEK is down 208 pips (0.23%) since the previous day (opening today near 8.8578), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 28th in terms of percentage change since the previous day. Below is a price chart of USDSEK.


USDSEK Technical Analysis

The first thing we should note is that 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 393.1 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days.