USD/SEK 5th wave bullish in the short-term,sentiment swifts 2020
Updated
1. 10 flat rate might be psychological resistance
2. 2 Possible bullish targets at the 1.272 and 1.62 * Wave 1.
2. Things are heating up in the States, we will see how long it will last.
3. Global growth rate slowdown (particularly the EU(Italy, Spain, France) Turkey, China, Canada, Australia) will catch up onto the States in the near term. There's a good chance that the new tariffs will stay in place.
=>2007-09 Pattern should reoccur, as USD usually corrects very hard during recessions, as Swedish GDP is quite stable, ironically because of the good safety net and unemployment spending. The US can't even borrow soo much money anymore and the deficit is rising.
2. 2 Possible bullish targets at the 1.272 and 1.62 * Wave 1.
2. Things are heating up in the States, we will see how long it will last.
3. Global growth rate slowdown (particularly the EU(Italy, Spain, France) Turkey, China, Canada, Australia) will catch up onto the States in the near term. There's a good chance that the new tariffs will stay in place.
=>2007-09 Pattern should reoccur, as USD usually corrects very hard during recessions, as Swedish GDP is quite stable, ironically because of the good safety net and unemployment spending. The US can't even borrow soo much money anymore and the deficit is rising.
Note
Some additional resistances.
Trade active
A weekly close up of the structure. It looks very hungry for a bearish reversal!
Note
Pitchfork update on the weekly. Looking for the 1.272 extension for wave 5 (9.8-9.9). After that would expect a small correction back inside the channel. Depending on the time when bad news start showing up about the US economy(tax reduction benefits won't last forever), we should expect a strong consolidation. Currently it is on track to 9.85(1.272)-10.40(1.62) which would be the optimal shorting range.
Note
September Update.USDSEK at current sell zone at the 1.272 extension (9.87).
Breaking-out, would follow the chart until 1.62 extension(10.44).
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