USD SEK SELL (DOLLAR – SWEDISH KRONA)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
Swedishkrona
EURSEK: Low gradient 1W Channel Up. Long.EURSEK is trading on a long term 1W Channel Up on a low slope (RSI = 51.043, ADX = 12.316, MACD = 0.049) that is near pricing a Higher Low (Highs/Lows = 0.0000). We are looking to utilize the next medium term bullish leg towards a Higher High. TP = 10.80000.
GBPSEK: Target hit. Short on High/ Resistance.TP = 11.7644 hit as the 11.4900 1W Support held, pushing the price to a new High. GBPSEK has now priced an even Higher High on this curve pattern, near the 12.1519 Resistance. 1W STOCH = 44.256 and the marginal Highs/Lows = 0.1156 suggest that a gap lower exists. Trade accordingly towards the two support levels.
NZDSEK: Long the Low on the 1W Channel Down.NZDSEK made a Lower Low on the 1W Channel Down (RSI = 39.460, MACD = -0.025, Highs/Lows = -0.0723) slightly lower than its bands suggested but it still rebounded. On a 1D basis it will face significant Resistance at 5.9440 but if broken, should extend for the full 1W Lower High near 6.050.
SEK remains a very cheap G10 currency=> We are eyeballing a break of the current range to the downside here in EURSEK
=> Our targets are 10.00x with stops above the 76.4 fib at 10.600x
=> This is a very technical play in an environment where SEK valuations are attractive to say the least. We've done superbly well in our USDSEK shorts so far despite the broad based dollar strength and we see SEK benefiting from a more hawkish ECB in the coming sessions.
=> The Riksbank has breathing room on the monetary policy side after turning more hawkish in the past few weeks with even the most dovish members accepting that hikes are necessary.
=> Best of luck all trading this one live
Target hit. Rectangle intact. Short.TP = 12.700 hit as the price completed the bullish 1D leg within the 1W Rectangle (RSI = 49.145, Highs/Lows = 0, Ultimate Oscillator = 50.485). After hitting the 12.845 Resistance, the pair is expected to move towards the 12.000 support. We are short again with TP = 12.200.
Both targets hit. Support test ahead. Short.Both long and short targets hit on NOKSEK as the price made a two-way swing within the Rectangle's 1.09456 Resistance and 1.07445 Support. The 1W Rectangle remains valid (RSI = 56.591, STOCH = 52.647, ADX = 18.466) and we will continue applying a scalping approach, currently on a short aiming at the 1.07445 Support (TP).
US DOLLAR/SWEDISH KRONA ELLIOTT WAVES COUNTThis may be reflect a possible Elliott Waves Count for the pair!
Adding more SEK to our portfolio=> After Sunday's election resulting in political deadlock we are set for another circus of government building.
=> Here we are expecting politics to open up an extended period of narrative for SEK where the path to normalisation (hikes expected to begin in December) will take centre stage.
=> With the focus shifting towards Riksbank and the economic expectations we are targeting a test of the 10.25xx
=> As most of you already know we are now overweight SEK in our portfolio with USDSEK and NOKSEK positions already running in profit since last week.
=> Good luck all here
USDSEK bounce imminent: high probability, RR of 2.It is all in the chart :)
From experience & instinct there is a high probability USDSEK is going to bounce now.
Bullish divergence is my condition to enter a trade and it is filled.
I will update this idea as this pair moves.
I do not know what the perfect way to scale in is. I do not own a quantum fund.
My scaling is small large medium (example: 0.2 lot 1 lot 0.5 lot), I do not know if this is the best, but this is how I like it. I do not want to go big too high in case I got stopped, just enough to not miss out if it bounces early, and not too low or I will miss all winners and only get filled big on losers.
Target hit. 1W Rectangle extended lower but intact. Long.TP = 12.283 hit on SEKJPY as the 1W Rectangle declined and even marginally crossed the 12.050 Support to form a new base at 11.973. This doesn't alter our support-long/ resistance-short strategy, as the pair is showing significant bullish reversal bias on 1D (overbought STOCHRSI, Williams, CCI, ADX = 22.908, RXO = 2.123). Going long, TP = 12.700.
SEK advancing remains on the agenda=> For those following our USDSEK idea you will know we believe the negative SEK flow is something that has run its course.
=> Oil is starting to look very heavy at the highs, the boat is fully loaded with almost 90% are now bullish. In the oven we have more advancements coming on the electric side which will likely show a clear inflexion point for the end of oil as we know it adding further pressure to NOK.
=> The Riksbank like a deer in the headlights has been put under pressure domestically for allowing the SEK to slide. This will change going forward as the ECB unwinding its asset purchase program begins to take the spotlight in Q4 giving the Riksbank more policy flexibility.
=> Both NOKSEK and USDSEK shorts make sense moving fwd.
=> GL all
1W Channel Up. Long.USDSEK is trading within a long term 1W Channel Up (RSI = 67.172, MACD = 0.190, Highs/Lows = 0.1401, B/BP = 0.3894), which has just tested the first Support at 9.03686. If it doesn't continue higher from here then the Higher Low will be made at the lower Support on 8.93186. Both are technical long entries with TP = 9.35123.
Rectangle Pattern on 1W. Scalp.NOKSEK is trading within a long term Rectangle on 1W (Williams = -53.421, CCI = 12.5397, Highs/Lows = 0.0000) with 1D indicating that at the moment the price is on the pivot (RSI = 51.985, ADX = 17.916) with both directions equally probable. We will be scalping within the Resistance (1.09456) and Support (1.07445) lines indicated in blue.
Rectangle continuation on 1D. Short.USDSEK continues to trade inside a long term 1D Rectangle (ADX = 15.631, Ultimate Oscillator = 49.902) and we can continue working within the yellow rays on a medium term scalping approach. For now we are shorting, TP = 8.64012.
Target hit. Rectangle continuation on 1D. Short.TP = 12.792 hit as SEKJPY continues the very controlled sideways trade on the 1D Rectangle (RSI = 52.414, STOCH = 49.962, CCI = 9.9279, Highs/Lows = 0). We continue to trade within its ~ 12.100 - 12.850 range, opening a short now, TP = 12.283. Even 1W is neutral on RSI, Highs/Lows, Ultimate Oscillator.
Previous Target hit. Retesting the 1W support. Long.GBPSEK hit the previous 11.50 TP and support on 1W on a standard 1D Channel Down pattern. Now it is approaching the same support again (11.49183) and another technical bounce is most likely going to take place. This is a long call to 11.76440.
4H Channel Up. Long.SEKJPY has price a Higher Low on the 4H Channel Up (RSI = 66.713, Highs/Lows = 0.0449, B/BP = 0.1010). This is a long call, TP = 12.792. The upside is limited on 1D to a 12.845 Double Top.
USDSEK: Rectangle on 1D. Short.USDSEK is trading near the 1D Rectangle's Resistance. It may rise to 8.97077 but eventually should test the 8.56621 support if the 8.98828 resistance stays intact. We are taking a short action: TP = 8.64012.
