USDSEK Down 76 Pips On Hourly Chart, Came Into Today Up For the 3rd Day In A Row; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 4, 2020 9:49 GMT)

At the time of this writing, USDSEK’s rate is down -76 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on USDSEK; it is 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)

USDSEK is up 311 pips (0.36%) since the previous day (opening today near 8.7076), marking the 3rd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, USDSEK ended up ranking 6th for the day in terms of price change. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDSEK crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

Not much commentary on USDSEK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com that we thought you might enjoy.


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