USD/SEK Up 288 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated December 27, 2021 1:36 GMT)

At the time of this writing, USDSEK’s rate is up 288 pips (0.32%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDSEK. Given that we see an uptrend 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 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 9.08459, down 1 pips (0%) from the previous day. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 14th in terms of percentage change since the previous day. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20 and 50 day averages, located at 9.0849 and 8.8706 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.