USDSEK Up 19 Pips On Hourly Chart; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 31, 2021 2:16 GMT)

At the moment, USDSEK’s rate is up 19 pips (0.02%) from the hour prior. USDSEK has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDSEK. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on USDSEK; it is now pointing down. 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 8.30418, up 255 pips (0.31%) since the day prior. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 4th 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, 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 438.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USDSEK’s price has gone up 5 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30 day