USD/SEK Up 8 Pips in Last Hour, Entered Today Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated August 2, 2022 1:36 GMT)

At the moment, USDSEK’s rate is up 8 pips (0.01%) from the hour prior. This is the 2nd consecutive hour USDSEK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 down 440 pips (0.43%) since yesterday (opening today near 10.0946), marking the 4th day in a row a decline has happened. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Let’s take a look at price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

Coming into today the current price of USDSEK is sitting close to its 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 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 down 7 out of the past 10 days.