USDSEK Down 28 Pips On Hourly Chart, 2 Day Down Streak Broken; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 16, 2020 23:14 GMT)

At the time of this writing, USDSEK’s rate is down -28 pips (-0.03%) from the hour prior. The hourly chart shows that USDSEK has seen 3 straight down hours. 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 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 8.7899, up 271 pips (0.31%) since the day prior. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 5th in terms of percentage change since the day prior. 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 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone up 17 out of the past 30 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram