USD/SEK Up 382 Pips; in an Uptrend Over Past 30 Days

USD/SEK Price Recap

USD/SEK enters today at 9.6709 in US dollars, up 382 pips (0.4%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 24.07% from the day prior, and up 30.6% from the same day the week before. Relative to other instruments in the Forex asset class, USD/SEK ranked 7th yesterday in terms of percentage price change. Below is a price chart of USD/SEK.

USD/SEK Technical Analysis

Notably, USD/SEK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 735 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Volatility for USD/SEK 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. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Eyes on SEK bottoming out in a larger Head & Shoulders pattern. Keeping an eye on this market closely where we will add directional exposure to the downside on a break and confirmation of the pattern. We are currently net short NOK against a basket of currencies. https://www.tradingview.com/chart/USDNOK/nrTGCxIG-FX-USDNOK-Macro-Outlook-Analysis-Market-Commentary/