(Last Updated December 25, 2020 2:16 GMT)
At the moment, USDSEK’s rate is down -10 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see downtrend on the 20 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 choppiness in price, as the 20, 50, 100 and 200 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 down 326 pips (0.39%) since yesterday (opening today near 8.25048), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, USDSEK ranked 37th yesterday in terms of percentage price change. The price chart of USDSEK below illustrates.
USDSEK Technical Analysis
The first thing we should note is that USDSEK is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone down 8 them.