USD/SEK Up 330 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Ended

Hourly Update

(Last Updated November 7, 2022 1:36 GMT)

At the time of this writing, USDSEK’s rate is up 330 pips (0.3%) from the hour prior. This is the 2nd straight hour USDSEK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)

The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 10.8952, down 2696 pips (2.41%) since the day prior. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 37th for the day in terms of price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 days.