USDSEK Down 48 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 14, 2020 23:14 GMT)

At the moment, USDSEK’s rate is down -48 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 8.76621, down 8 pips (0.01%) since the day prior. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 24th for the day in terms of price change. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20 and 50 day averages, located at 8.7205 and 8.8218 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone up 8 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram