USD/SEK Up 117 Pips On 4 Hour Chart, 3 Day Up Streak Ended; Price Base in Formation Over Past 30 Days

USD/SEK 4 Hour Price Update

Updated June 30, 2020 09:08 PM GMT (05:08 PM EST)

The choppiness in the recent four-hour candle price action of USD/SEK continues; to start the current 4 hour candle, it came in at a price of 9.3182, up 117 pips (0.13%) since the last 4 hour candle. Compared to its peers in the Forex, USD/SEK gave its buyers a return that ranked 12th in terms of percentage change since the last 4 hour candle.

USD/SEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/SEK’s 3 day up streak; price ended the previous day down 25 pips (-0.03%) to finish the day at a rate of 9.32478. Relative to other instruments in the Forex asset class, USD/SEK ranked 35th the previous day in terms of percentage price change. Let’s take a look at 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 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 68.1 pips away. 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 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 up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.