USDSEK Up 7 Pips in Last Hour; 2 Day Down Streak Snapped

Hourly Update

(Last Updated May 28, 2021 1:16 GMT)

At the moment, USDSEK’s rate is up 7 pips (0.01%) from the hour prior. The hourly chart shows that USDSEK has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 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 choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.31789, up 616 pips (0.75%) since yesterday. Relative to other instruments in the Forex asset class, USDSEK ranked 5th yesterday in terms of percentage price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 427.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30 day