USDSEK Up 23 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 14 Days

At the time of this writing, USDSEK’s rate is up 23 pips (0.03%) from the hour prior. The hourly chart shows that USDSEK has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 8.6355, up 178 pips (0.21%) since the previous day. Compared to its peers in the Forex, USDSEK gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Here is a price chart of USDSEK.

USDSEK

USDSEK Technical Analysis

The first thing we should note is that USDSEK is now close to its 20 day averages, located at 8.7039 respectively, and thus may be at a key juncture along those timeframes. 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 down 16 out of the past 30 days.

The View From Around the Web

Not much commentary on USDSEK that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello everyone, here is the top-down analysis for USDSEK, feel free to request any pair/instrument or ask any questions in the comment section below.Best of luck!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram