USDSEK Up 351 Pips in Last Hour, Underperforms All Forex; Moves Down For the 3rd Day In A Row

Hourly Update

(Last Updated October 21, 2020 10:15 GMT)

Currently, USDSEK’s rate is up 351 pips (0.4%) from the hour prior. The hourly chart shows that USDSEK has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above 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)

USDSEK is down 802 pips (0.91%) since the previous day (opening today near 8.7408), marking the 3rd day in a row it has gone down. It may be worth observing that USDSEK was the worst performer of the 40 members in the Forex asset class over the past day. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Notably, USDSEK crossed below its 50 day moving average yesterday. 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 615.3 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USDSEK’s price has gone down 17 them.