USD/SEK Up 54 Pips On Hourly Chart, Came Into Today Up For the 6th Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 16, 2021 1:44 GMT)

At the time of this writing, USDSEK’s rate is up 54 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 442 pips (0.5%) since the previous day (opening today near 8.80395), marking the 6th consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, USDSEK ranked 5th the previous day in terms of percentage price change. The price chart of USDSEK below illustrates.

USDSEK

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 8.6107, 8.6557 and 8.6476 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 1482.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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. Or to simplify this another way, note that out of the past 14 days USDSEK’s price has gone up 9 them.