USD/SEK Down 123 Pips On 4 Hour Chart, Came Into Today Down For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/SEK 4 Hour Price Update

Updated June 03, 2020 01:22 AM GMT (09:22 PM EST)

The back and forth price flow continues for USD/SEK, which started the current 4 hour candle off at 9.3262, down 123 pips 0.13% from the last 4 hour candle. Compared to its peers in the Forex, USD/SEK gave its buyers a return that ranked 32nd in terms of percentage change since the last 4 hour candle.

USD/SEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/SEK is down 32 pips (0.03%) since yesterday (opening today near 9.32332), marking the 3rd day in a row it has gone down. Compared to its peers in the Forex, USD/SEK gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Let’s take a look at price chart of USD/SEK.

USD/SEK 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 20 day average, which is 2863 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USD/SEK’s price has gone down 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDSEK, with 4 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USD/SEK is going through a steep downtrend which will not last forever so be ready to buy!…RSI 14 is OVERSOLD and the price seems really closed to the support line!…My suggestion is to GO LONG waiting for a strong rebound which might last until either the 38.2 Fibonacci level (dotted line) or the price resistance started in the first part of May.