USDSEK Down 4 Pips in Last Hour; is Inching Close to 20 Day Average

Hourly Update

(Last Updated October 16, 2020 3:16 GMT)

At the time of this writing, USDSEK’s rate is down 4 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for USDSEK, which started today off at 8.86792, up 491 pips 0.56% from the previous day. Relative to other instruments in the Forex asset class, USDSEK ranked 6th the previous day in terms of percentage price change. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that the current price of USDSEK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 390.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 9 out of the past 14 days.