USD/SEK Up 15 Pips On 4 Hour Chart, Price Base in Formation Over Past 14 Days; Nears 20 Day Moving Average

USD/SEK 4 Hour Price Update

Updated June 29, 2020 09:09 PM GMT (05:09 PM EST)

USD/SEK is up 15 pips (0.02%) since the previous 4 hours (opening the current 4 hour candle near 9.3294), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, USD/SEK ranked 17th the previous 4 hours in terms of percentage price change.

USD/SEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/SEK is up 9 pips (0.01%) since the day prior (opening today near 9.32617), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/SEK gave its buyers a return that ranked 30th in terms of percentage change since the day prior. Here is a price chart of USD/SEK.

USD/SEK Technical Analysis

The first thing we should note is that USD/SEK is now close to its 20 and 50 day averages, located at 9.3026 and 9.5155 respectively, and thus may be at a key juncture along those timeframes. 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 235.6 pips away. Volatility for USD/SEK 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 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!