USD/SEK Up 165 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

USD/SEK 4 Hour Price Update

Updated May 13, 2020 01:10 AM GMT (09:10 PM EST)

USD/SEK is up 165 pips (0.17%) since the previous 4 hours (opening the current 4 hour candle near 9.7813), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, USD/SEK ranked 5th the previous 4 hours in terms of percentage price change.

USD/SEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/SEK entered today at 9.7721, down 4 pips (0%) from the previous day. Compared to its peers in the Forex, USD/SEK gave its buyers a return that ranked 28th in terms of percentage change since the previous day. Below is a price chart of USD/SEK.

USD/SEK Technical Analysis

The first thing we should note is that USD/SEK is now close to its 20, 50, 100 and 200 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 273.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Volatility for USD/SEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!