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Usdsekshort

USDSEK relieve move maybe?USDSEK continues at historic highs. Yesterday it made another attempt to break 9.688 resistance area but once again it failed, this is the 3rd attempt and the 3rd fail recently. The day ended with a pretty big inverted hammer candlestick what is also a bearish signal. When looking at RSI we see that it is also loosing strength with each attempt to break the resistance, probably meaning that the bulls are not strong enough. I expect it to make a relieve move to 9.471 support area where not only the horizontal support but also the trendline coming all the way from January will come into play. What will happen there? No idea but I expect a bit of a consolidation move between these support and resistance area. Lets look at the 4H to see how I intend to play this pair: I would like to see the pair making another weak attempt to break above the highs and fail. Then I will enter the trade on the break of the black line. If the pair goes straight down I am afraid I will miss the opportunity and will wait for the next pullback. Trade safe!
Short
by MicKi
USDSEK approaching support, potential for a bounce! USDSEK is expected to drop to 1st support at 9.52966 where it could potentially react off and up to 1st resistance at 9.59545. *Disclaimer.* Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Long
by Pepperstone