USDSEK Up 90 Pips in Last Hour, 4 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 7, 2020 15:14 GMT)

At the moment, USDSEK’s rate is up 90 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

A moment of silence, please, for the end of USDSEK’s 4 day up streak; price ended yesterday down 102 pips (-0.12%) to finish the day at a rate of 8.72254. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 24th for the day in terms of price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.


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