USDSEK Down 4 Pips Over Past Hour, Entered Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated March 26, 2021 1:16 GMT)

At the time of this writing, USDSEK’s rate is down -4 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDSEK is up 129 pips (0.15%) since the day prior (opening today near 8.6141), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 8th in terms of percentage change since the day prior. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Notably, the current price of USDSEK is sitting close to its 20, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 499 pips away. Volatility for USDSEK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 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 7 out of the past 14 days.