USD/SEK Up 33 Pips On Hourly Chart, Underperforms All Forex; But Still in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated July 13, 2022 1:36 GMT)

Currently, USDSEK’s rate is up 33 pips (0.03%) from the hour prior. The hourly chart shows that USDSEK has seen 2 straight up 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 a doji 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. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 10.5637, down 680 pips (0.64%) from the previous day. On a relative basis, USDSEK was the worst performer out of all 39 of the assets in the Forex asset class. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days.