(Last Updated October 19, 2020 10:15 GMT)
Currently, USDSEK’s rate is down -182 pips (-0.21%) from the hour prior. This is the 3rd consecutive hour USDSEK has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 100 and 50 hour changed directions on USDSEK; they are now pointing down. 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 back and forth price flow continues for USDSEK, which started today off at 8.83758, down 303 pips 0.34% from the previous day. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 36th in terms of percentage change since the previous day. The price chart of USDSEK below illustrates.
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 8.9115, 8.8011 and 8.9565 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 50 day average, which is 364.4 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 9 out of the past 14 days.