(Last Updated March 26, 2021 23:16 GMT)
At the moment, USDSEK’s rate is down -4 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDSEK End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDSEK is up 320 pips (0.37%) since the previous day (opening today near 8.6461), marking the 3rd straight day it has gone up. Relative to other instruments in the Forex asset class, USDSEK ranked 13th the previous day in terms of percentage price change. Below is a price chart of USDSEK.
USDSEK Technical Analysis
The first thing we should note is that the current price of USDSEK is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 143 pips away. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days.