USDSEK Down 92 Pips in Last Hour, 2 Day Down Streak Broken; Eyes 50 Day Average

Hourly Update

(Last Updated September 17, 2020 23:14 GMT)

Currently, USDSEK’s rate is down -92 pips (-0.1%) 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 200 hour changed directions on USDSEK; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 8.7899, up 271 pips 0.31% from the day prior. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 5th for the day in terms of price change. 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 20 and 50 day averages, located at 8.7321 and 8.8028 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days USDSEK’s price has gone up 17 them.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram