USDSEK Up 27 Pips Over Past Hour, 2 Day Up Streak Broken; Eyes 50 Day Average

Hourly Update

(Last Updated October 15, 2020 2:15 GMT)

At the time of this writing, USDSEK’s rate is up 27 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of USDSEK continues; to start today, it came in at a price of 8.8188, down 12 pips (0.01%) since the day prior. Relative to other instruments in the Forex asset class, USDSEK ranked 21st the day prior in terms of percentage price change. The price chart of USDSEK below illustrates.

USDSEK

USDSEK Technical Analysis

Notably, USDSEK is now close to its 20, 50 and 100 day averages, located at 8.9019, 8.7957 and 8.9686 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 50 day average, which is 231.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!