USDSEK Down 4 Pips Over Past Hour, in an Uptrend Over Past 30 Days; Eyes 20 Day Average

Hourly Update

(Last Updated October 6, 2020 15:14 GMT)

At the time of this writing, USDSEK’s rate is down -4 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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. Of note is that the 50 hour changed directions on USDSEK; it is now pointing up. 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 choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.8869, down 353 pips (0.4%) since the day prior. Relative to other instruments in the Forex asset class, USDSEK ranked 36th the day prior in terms of percentage price change. Below is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20, 50 and 100 day averages, located at 8.8792, 8.7788 and 9.0238 respectively, and thus may be at a key juncture along those timeframes. 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 77 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone up 7 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDSEK; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a moving average technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price is trying to move higher , long if price closes above 20 SMA , or near 200 SMA ….Above are short term trading setups based on Moving Average Only ….Just like trendlines we trade breakouts , retests of moving averages too ,To trade correctly our ideas , follow the instructions and wait for candle close wherever advised.