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SWEDISH KRONA / U.S. DOLLAR

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Daily Analysis on USDSEK by ThinkingAntsOkUse this as a guide to develop your view of the chart. Main items we can see on the Daily Timeframe. a) The main structure the price is in is an ascending channel. b) Currently, the price is on the higher trendline of the ascending channel. c) Remember that Technical Analysis doesn't tell us what is going to happen. Technical Analysis shows us zones in which there is a certain probability that something happens. d) With the previous item clear, we expect a corrective structure on the current level or a reversal movement. What we want to see is the effectiveness of the cloned channel. Enjoy your weekend!
by ThinkingAntsOk
1
The Swedish kronaThe greenback successfully propelled itself against the Swedish krona in the foreign exchange market. The 50-day moving average just recently surpassed the 200-day moving average, signaling a bullish run for traders of the USDSEK pair. The Swedish krona remains on its back foot in the market and has seen great losses yesterday against the US dollar. Measures from the Riksbank that were unveiled to further support the country’s economy failed to shield the Swedish krona against the strengthening US dollar. Some of the plans that were promised include offering more loans to local banks on lighter and more favorable terms. Riksbank also promised to increase its asset purchases. Earlier this week, the members of the monetary policy board of the Swedish central bank had an unscheduled meeting to discuss actions to take to counter the impact of the deadly virus such as reducing its overnight lending rate to local banks.
Long
by Financebroker
1
USD/SEK will continue to move higherThe pair will continue to move higher, sending the pair towards an uptrend channel middle resistance line. Sweden will be among the countries to publish their gross domestic product (GDP) growth today, February 28. Since January 2019, the country’s GDP continue to decline. This resulted to analysts forecasting Sweden’s fourth quarter result to continue declining. During the third quarter, the country had a 0.3% GDP growth, higher than the forecasted 0.2% and 0.2% result prior. However, investors are worried if Sweden can continue beating expectations. Including to the bearish sentiment for the fourth quarter was the slowdown in Germany, the EU’s economic powerhouse. Despite this, manufacturing and consumer confidence in the country remains high. Meanwhile, the US enjoys higher personal spending, further driving the consumption-driven economy. From 1960 to 2013, consumer spending as part of GDP rose from 62% to 71%.
Long
by Financebroker