(Last Updated April 9, 2021 3:16 GMT)
At the time of this writing, USDSEK’s rate is down -10 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDSEK has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDSEK. Given that we see downtrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDSEK End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for USDSEK, which started today off at 8.53549, down 923 pips 1.07% from the day prior. It may be worth observing that USDSEK was the worst performer of the 39 members in the Forex asset class over the past day. Below is a price chart of USDSEK.
USDSEK Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDSEK crossed below its 20 day moving average yesterday. 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 20 day average, which is 668.3 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 14 out of the past 30 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.