USDSEK Up 46 Pips in Last Hour, Fares the Worst Out of Forex; Entered Today Down For the 3rd Straight Day

Hourly Update

(Last Updated October 22, 2020 9:15 GMT)

At the time of this writing, USDSEK’s rate is up 46 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on USDSEK; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK is down 802 pips (0.91%) since the previous day (opening today near 8.7408), marking the 3rd straight day a decline has happened. It may be worth observing that USDSEK was the worst performer of the 40 members in the Forex asset class over the past day. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed below its 50 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 50 day average, which is 615.3 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone down 9 them.