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SWEDISH KRONA / U.S. DOLLAR

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SEKUSD trade ideas

USDSEK Daily Head and ShouldersReally like this pattern because it happened at a break of all time new highs. We have had a nice uptrend with higher lows and higher highs. And we can now see that this momentum may now be running out. The swing we are working with is the 9.6050 level. This is the neckline we are using. Once this higher low swing gets taken out, the uptrend by definition is over. We have possibly made our first lower high here too BUT remember we need lower lows to confirm. So many good confluences here for the trade. The lower high would require a break of the neckline nullifying the uptrend. Let us await for a nice close and break below the neckline. To the downside, the 9.48 is one to watch, and then afterwards the 9.3710 zone. Remember. we do have the US Fed decision on Wednesday, so be prepared.
Short
by Uncharted-FX
2
$USDSEK might bounce back to lower levels. I don't suggest anyone to short this pair, since krona is really in bad shape. But it will be good to see confirmation from previous cycles on 0.5 fibonaci level. I am expecting the same to happen and we could experience 8.86 area one more time. Other good support for this statement is that everyone expect FED to cut this month and Riksbank to remain on -0.25 until December or even further. That might push out the bulls to take some profits. I highly doubt there will be strong bear support, but still this withdraw of funds might lead to see repeat of the fib pattern to 0.5.
Short
by Marto_Jekko
USDSEK bounced from support, potential for a further rise! USDSEK bounced off 9.55076 where it could potentially rise further to 9.87576. *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