(Last Updated September 8, 2021 1:44 GMT)
At the moment, USDSEK’s rate is up 18 pips (0.02%) from the hour prior. This is the 2nd straight hour USDSEK has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend 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)
USDSEK is up 326 pips (0.38%) since yesterday (opening today near 8.59097), marking the 2nd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 10th for the day in terms of price change. Below is a price chart of USDSEK.
USDSEK Technical Analysis
The first thing we should note is that USDSEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. 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 10 them.