(Last Updated June 7, 2021 3:16 GMT)
At the time of this writing, USDSEK’s rate is up 39 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 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 entered today at 8.26519, down 620 pips (0.74%) from the day prior. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 36th in terms of percentage change since the day prior. The price chart of USDSEK below illustrates.
USDSEK Technical Analysis
Notably, USDSEK crossed below its 20 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 20 day average, which is 483.9 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for USDSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone down 6 them.