USD-SEKAn eventual close of USD-SEK below the dotted line will give a bearish signal with the first target in the area 8.49.
USD-SEK
USD/SEK 1H Chart: Pair tests mid-2017 highStrong upside potential has been guiding USD/SEK since mid-April. The pair had breached a long-term channel down earlier in the month prior to gaining the necessary momentum to reach the 8.87 mark—the rate’s highest position since July, 2017. Along the way, the pair breached a three-month ascending channel near 8.75 that should point to further appreciation.
However, it is expected that bulls soon exhaust their upward momentum and allow bears to form a correction south. The prevailing channel suggest that the US Dollar could still edge slightly higher in this session towards the 8.90/95 area.
Subsequently, the pair should aim for the lower boundary of this pattern circa 8.75 in the short term and further down to the 50.0% Fibonacci retracement at 8.62 within the following two weeks.
USD/SEK 1H Chart: Pair diminishes trading rangeThe US Dollar has been trading in an ascending channel against the Swedish Krona since the beginning of 2018. The pair has appreciated 7.44% since its 2018 low of 7.8233, thus breaching the senior channel on March 28.
The Greenback continues to diminish its trading range and move in line with the wedge. The most recent test of its upper boundary occurred late on Friday when the rate reversed from the 8.48 mark.
It is likely that the given pattern is respected during the following trading days, thus setting the bottom wedge line circa 8.36 as a near-term target. A breakout to the downside might occur at this level. Nevertheless, this decline below 8.39 could be briefly hindered by the 100– and 200-hour SMAs.
USD/SEK 1H Chart: Continues trading in neat patternsThe historical price movement of USD/SEK demonstrates that the pair has a tendency to trade in neat channels. The past three weeks have not been an exception.
This latest junior pattern was formed late in February when the US Dollar reversed from the upper boundary of a medium-term channel circa 8.32 and began edging lower. Even if this short-term pattern fails to confine the rate any for long, it is still expected that the Greenback continues its movement south within the following two weeks until the senior channel is reached in the 8.10/12 area.
Two important support areas is the 55-, 100– and 200-hour SMAs and the weekly PP circa 8.20 and the weekly S1 and the monthly PP at 8.14. A breakout of the latter might set the pair for another decline down to the psychological 8.00 level.
Take this trade for Long....I take this trade not because dollar strong, but swedish krona weakness..
and I make correlation with EUR/SEK and GBP/SEK too...
USD/SEK 1H Chart: Two scenarios possibleFollowing a reversal from a seven-month high of 8.52 mid-December, the US Dollar has been moving in a channel down against the Swedish Krona. The upper boundary of this pattern was tested on February 9—a move which was followed by a slight period of depreciation.
It seems that the pair is currently standing at the crossroads of two scenarios. On the bearish side, the pair should breach the 200-hour SMA and edge lower in line with the medium-term channel. A possible target within the following two weeks could be the 2016/2018 low of 7.8221. Technical indicators suggest that this is the more likely scenario.
On the other hand, the pair might fail to sustain its bearish movement in the steep channel down, thus resulting in a soon breakout north. The pair might even respect the three-week ascending channel and breach the 55– and 100-hour SMAs near 8.06. A surge up to the 24.60% Fibo retracement at 8.2053 is expected to follow.
USD/SGD 1H Chart: Rate poised for gainsFollowing a breakout of a four-month ascending channel mid-December, the US Dollar started to weaken substantially against its Singapore counterpart. This bearish movement was bounded by two channel lines with several confirmations on each side.
After failing to reach the bottom line on January 15, the Greenback started to trade in a junior channel down. Even though this pattern was breached earlier today, it is unlikely that the pair moves below the 7.92 mark which is supported by the monthly S2 and the weekly S3.
Technical indicators are located in the oversold territory, thus also pointing to a soon increase in price. It is likely that the US Dollar is halted near 8.02 due to the combined resistance of the upper channel line and the 55-, 100– and 200-hour SMAs. However, the pair could subsequently breach the senior formation and go for a surge towards 8.30.
USD/SEK 1H Chart: Pair guided by bearish patternsUSD/SEK was dominated by an ascending channel in force since late August. This long-term pattern was breached mid-December, thus following by a period of decline down to the 8.13 mark.
This bearish momentum has allayed during the previous week; nevertheless, the pair still remains tended slightly southwards. The Greenback managed to breach the combined resistance of the 55– and 100-hour SMAs early today. Technical indicators favour further fall within this session and even beyond. Thus, it is likely that the given currency halts near the 200-hour SMA and re-tests the aforementioned shorter-term moving averages.
By and large, the senior channel is expected to hold, thus guiding the pair within the following week or two.
USD/SEK 1H Chart: Channel up weakensUSD/SEK had been guided by a channel down valid since November, 2016. This long-term pattern was eventually breached to the upside two months ago when a junior channel proved to be stronger.
The rate has since diminished its trading range in the given pattern, thus failing to reach its lower boundary on November 27. Meanwhile, a possible surge north has been halted by the 8.52 area on several occasions.
Technical indicators suggest that the US Dollar is likely to edge higher in this session. Given the strong resistance of the 100-, 55– and 200-hour SMAs and the weekly PP, any attempts to move past the 8.46 mark should be disrupted. Subsequently, the pair could either trade sideways for some period prior to falling down or do the latter right away.
A possible downside target for the following three weeks is the 8.32 area.
USD/SEK 1H Chart: Rate pressured by SMAsThe US Dollar has been appreciating against the Swedish Krona in an ascending channel since late August. After failing to reach its upper boundary on November 21, the Greenback initiated a new wave down.
Meanwhile, the lower boundary of the senior channel was tested for two consecutive sessions. The rate, however, managed to edge slightly higher until the weekly PP at 8.3538 was reached.
Currently, the pair is located between the 55-, 100– and 200-hour SMAs. The pressure from both barriers might force it to move sideways. Its subsequent movement, however, is expected to be south and past the bottom boundary of the senior channel.
In case this scenario occurs, this might mark a period of depreciation for the pair until some weekly or monthly pivot points halt this bearish momentum (both types of pivot points are to change at the end of this week, thus a specific downside target cannot be set).
USD/SEK 1H Chart: Breached long-term patternFollowing an eight-month period of depreciation in a descending channel, the US Dollar began a new up-wave late in August. This bullish sentiment proved to be stronger, thus setting the pair for a breakout of this long-term pattern. Currently, two channels up are dominating the market.
The Greenback has been testing a three-month high of 8.4050 for several trading sessions. Its failure to move above this line suggests that the pair might be ready to form a retracement from the aforementioned long-term channel. However, the rate being pressured by the 55– and 100-hour SMAs might hinder any immediate movement south.
As a result, it could continue its consolidation phase in this session prior to edging lower next week.
USD/SEK 1H Chart: Greenback breaches wedgeUSD/SEK is trading in two note-worthy patterns. The senior one is a descending channel which has confined the rate since late September.
Meanwhile, the pair is also trading in an ascending wedge. The given pattern was breached late on Wednesday when the US Dollar pushed it through the lower wedge boundary circa 8.15. The rate has since traded lower, but has nevertheless remained in a stable position circa the aforementioned area.
Technical indicators suggest that the rate should edge lower, setting the 8.10 mark near the 200-hour SMA and the weekly PP as a possible near-term target.
In general, the rate is expected to continue trading lower during the following weeks, thus approaching the lower channel boundary.
USD/SEK weakensThe New Zealand Dollar has depreciated slightly against the Japanese Yen during the past two weeks. This has resulted in the formation of a falling wedge. The given pattern was formed as a wave down in a senior ascending channel.
The Kiwi has been hindering near the bottom wedge boundary for several hours. However, as there is still some downside potential until the lower channel line, the Kiwi might actually test the 80.00 mark—an level likewise reinforced by the 61.8% Fibonacci retracement.
By and large, the rate is expected to rise in the medium term. It faces several significant resistance areas along the way, namely, the monthly PP and the 55– and 100-hour SMAs near 80.70 and the 200-hour SMA at 80.95. These levels could hinder the pair for some time; however, the overall trend should be to the upside.
Potential short reversal setting up for the Swedish KronaOn the 4H charts, the USDSEK is at an interesting point. We can see that for the most of April, the pair has been in a clean and long uptrend and is now in oversold territory (the Fibonacci extension indicates a move well over 200%). Additionally, the pair has reached a previous swing high. This clearly acts as a resistance level, which the price hasn't been able to break.
Instead, a double top was created, followed by a strong move lower. For the first time in a long time, our moving average has been broken. This has all the signs of a reversal in the making.
An aggressive trader might already be tempted to enter here, but I reckon that the pair will make a retracement to the 9.06000 area first as a way for the sellers to catch their breath. If we see strong selling momentum afterwards, I will be looking for a short entry. Of course, price might move lower straight away too.
I've laid out some of the levels (in light blue) where I can see the price hold up a bit or even change direction. However, if the trending markets of the previous months are any indication, we might see a nice move down.
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USD / SEK Simple idea USD have shown weakness across aboard this monday. Will usd maintain it's weakness also today?
Have in mind that price can go above last pinbar tops. Probably we have lots of stop-loss orders there. For perfect entry I want to wait a price to shoot over those tops before shorting with tight stop-loss in mind.
Use tight stop-loss because the uptrend have been very strong lately. Look at speed the candles went up! So be careful. This is quite risky trade.
USDSEK CORRECTION MIGHT BE OVER SOONWaiting for the breakout of the green upper trendline.
A beautiful trade might be setting up.
I am not going to buy as long as we are below 8.90, because further move lower is possible. I want a clear impulsive breakout of the golden zone, and then i will buy the correction with a stop at 8.80 targeting 9.20 and 9.30.
Also keep an eye on USDNOK and USDPLN, they are looking similar ready for a leg higher.
Blessings to you all.
USD/SEK one more leg upExpecting the USD correction to be over soon, and will be looking to long this pair.
Short USDSEKCross is moving downwards in a well defined channel. Shorts at market with target at 8.88649
$USDSEK | Bearish Wolfe Wave | 8.11510 TargetHello Traders,
Here we have a nice short set up for USDSEK. I'd look for a short in the vicinity of the red box which would give us 5'. Regardless of 5' hitting or not my target is still set on 8.11510 because there is such little difference between point 1 and 4.
Pay attention to the formation in the RSI, notice how a similar structure is formed.
Rule: Geo's Off-Set Rule tells us the highest probability target once point 5' is created is point 4.
Best,
Chartistry
USDSEK - Huge sideways rangeUSDSEK is in a huge sideways range. Looking a potential decisive break downside before taking a short position.
