USD/SEK Up 141 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 20 Day Average

Hourly Update

(Last Updated December 20, 2021 1:36 GMT)

Currently, USDSEK’s rate is up 141 pips (0.15%) from the hour prior. USDSEK has seen its price go up 9 out of the past 10 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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)

The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 9.13494, up 901 pips (1%) since the day prior. Relative to other instruments in the Forex asset class, USDSEK ranked 3rd the day prior in terms of percentage price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, USDSEK crossed above its 20 day moving average yesterday. Volatility for USDSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!