USD/SEK Up 137 Pips On Hourly Chart, 3 Day Up Streak Snapped; Crosses 100 Day Moving Average

Hourly Update

(Last Updated November 23, 2022 2:17 GMT)

Currently, USDSEK’s rate is up 137 pips (0.13%) from the hour prior. USDSEK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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)

A moment of silence, please, for the end of USDSEK’s 3 day up streak; price ended the previous day down 732 pips (-0.68%) to finish the day at a rate of 10.6394. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 35th in terms of percentage change since the previous day. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed below its 100 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 100 day average, which is 610.2 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 6 them.