USDSEK Up 16 Pips On Hourly Chart, Entered Today Up For the 4th Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2021 5:14 GMT)

Currently, USDSEK’s rate is up 16 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 an uptrend on the 10 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 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 177 pips (0.2%) since the previous day (opening today near 8.7173), marking the 4th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, USDSEK ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today USDSEK is now close to its 20, 50, 100 and 200 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 50 day average, which is 707.9 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. 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. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!