USDSEK Down 91 Pips Over Past Hour, Underperforms All Forex; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated December 30, 2020 2:16 GMT)

Currently, USDSEK’s rate is down -91 pips (-0.11%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on USDSEK. Given that we see downtrend 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 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)

USDSEK entered today at 8.19492, down 702 pips (0.85%) from the day prior. On a relative basis, USDSEK was the worst performer out of all 40 of the assets in the Forex asset class. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone down 8 them.