USD/SEK Up 152 Pips in Last Hour, 2 Day Up Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 17, 2022 1:40 GMT)

At the moment, USDSEK’s rate is up 152 pips (0.14%) 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. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 back and forth price flow continues for USDSEK, which started today off at 10.4753, down 7 pips 0.01% from yesterday. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 28th in terms of percentage change since yesterday. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 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 100 day average, which is 2127.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 30 days USDSEK’s price has gone down 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.