(Last Updated December 16, 2021 1:38 GMT)
At the time of this writing, USDSEK’s rate is up 28 pips (0.03%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 entered today at 9.07691, down 620 pips (0.68%) from the day prior. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 34th for the day in terms of price change. Here is a price chart of USDSEK.
USDSEK Technical Analysis
The first thing we should note is that USDSEK is now close to its 20 day averages, located at 9.0595 respectively, and thus may be at a key juncture along those timeframes. Volatility for USDSEK 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 up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days.