USD SEK BUY (US DOLLAR - SWEDISH KRONA)Hi there. Price is forming a continuation pattern to the upside. Wait for the price to complete the pattern and watch strong price action for buy.
USDSEK trade ideas
USD/SEK: Swing Trading Analysis 📊⏲️Do you guys care to trade something bit more “exotic”? I am personally not much into day trading such pairs as USD/SEK because of big spreads and worse liquidity.
But with swing trading and long-term investing it is a whole different story. The reason is that with longer-term trades spreads don’t play such an important role. The same goes for liquidity.
So, let’s now have a look at swing trading analysis of USD/SEK!
What caught my eye here was a strong downtrend which started in March. Within this downtrend, there was a rotation in June. In this rotation, there were pretty massive volumes traded. I identified that using my Flexible Volume Profile on the whole trend area.
From this rotation, the downtrend continued. This means that the volumes accumulated in this rotation were mostly sellers entering more short positions and then making another push.
For this reason, it is likely that when the price makes it back into this strong volume zone again, those sellers should become active again and they should start defending their short positions (with aggressive selling activity).
This should drive the price downwards again from there. And that’s why I think this area with POC around 9.3000 will work as a strong long-term resistance.
Price Action analysis
If you look at the picture above, you can see how nicely the price reacted to the 9.3000 zone in the past. There were two really strong rejections in December and in March.
This tells us, that this zone worked as a strong support. When the price made it past this support in July, then this support turned into a resistance.
This is an old and simple Price Action setup, and you can read more about it here:
Price Action Setup: Support Becomes a Resistance
So, not only we have the volume-based setup (the Trend Setup), but we also have a Price Action setup at the same level. Both those setups point to the same place (9.3000) which is telling us that there is a strong resistance.
That’s it for today’s analysis guys. I hope you liked it. Let me know what you think in the comments below!
Happy trading!
-Dale
USD/SEK and EUR/SEK Breakout Trades!USDNOK has been one of my favourite Dollar pairs I have kept tabs on ever since the DXY was showing signs of a reversal. This market structure analysis can be used for ANY MARKET since ALL MARKETS move the same three ways.
USDNOK was in a long downtrend with multiple lower highs and lower lows. Price then began to base/range/consolidate. This was a sign that the downtrend was over or was exhausting as no new lower lows were being made. Scrolling back, price did find support at an important support/flip zone of 8.60.
The trigger for an entry is the breakout. We wanted a nice clean and strong breakout. This occurred with today's daily candle. Placing my stop loss just below the daily candle, and targeting the 9.20 zone. A good risk vs reward set up.
EURSEK is very similar. A lot of market structure confluences. We have had the break out too. Notice the large sell off and buyers stepping in on the retest already.
Similar approach: A stop loss below the daily breakout, and targeting the 10.55 zone.
As a bonus, I was watching USDNOK too.
We had a nice long downtrend with multiple swings, which hit a large support/flip zone at 8.70. From here, I was watching for an inverse head and shoulders reversal pattern. Unfortunately, we did not get that. BUT we did get a close above the previous lower high (9.0355) zone meaning the downtrend is officially over.
What I would like to see now is our first HIGHER LOW in this new uptrend, and this will provide us with an opportunity to enter, and we can place our stop loss below this higher low. Ideally, we would like this higher low to be formed with a retest of the breakout zone.
USDSEKPRICE MOVING IN A WEDGE , AND I EXPECT A FALL FROM THE PRICE BACK TO THE WEDGE LINK DUE TO WEAKNESS FROM THE US DOLLAR
Potential Bearish Movement on USDSEK Main items we can see on the chart:
a) The price is below a support/resistance zone
b) We can see a similar corrective structure as the one that happened in the past
c) The next support zone is at 8.00
d) If the price breaks below the current structure, we expect a bearish movement towards the mentioned zone
USDSEK video top-down AnalysisHello everyone, here is the top-down analysis for USDSEK, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
USDSEKThis thing is slowly grinding downwards still, would maybe go back to USD around 7.9 level which I think could be reached around the Election in November because of all the uncertainty and ambiguity that will be leading up to it. Anyways, I'd expect the USD to keep losing value against other G10 currencies, which will/is shown through the $DXY
Sweden will be publishing its second-quarter GDP report todayThe pair will fail to break out from a downtrend channel resistance line, sending the pair lower in the following days. Sweden will be publishing its second-quarter GDP report today, August 28. Expectations for the April to June report is an economic decline of 8.6%. The country’s herd immunity program was meant to prevent its economy from collapsing. However, recent reports suggest that the country suffered the same fate as its neighbors. However, the Swedish koruna will thrive against the US dollar as the largest economy in the world suffered a worse economic contraction. Furthermore, Sweden’s report from yesterday gave hope among investors that Sweden is on the path of recovery. Consumer and manufacturing confidence posted 84.4 and 97.7 results for the month of July compared to prior numbers of 83.3 and 95.7 points, respectively. Its retail sales also grew 1.9% last month, higher than 1.0% expectations, and 1.3% prior result.
USD/SEK Elliott wave analysis for week starting 24.08.2020I am still so bearish on this but we are on wave 4 correction, might be long
I am not expecting the price to go higher than the box, if it does It might raise a warning
USDSEK - LONG TERM BEARISH TREND LINE MET AGAIN !bearish pin bar at trend line resistance, put stop loss above wick and target recent daily lows.
Sell PotentialBrke out to the downside of a wedge formation pattern after a doji indicating reversal. May be a false breakout
USDSEK ranging for a possible retracement 🦐USDSEK is close to a weekly resistance.
Market is currently renging between 2 structure and after a long bear move there is the possibility to see a retracement.
Price currently broke the inor channel and is testing the support structure.
IF the market will break and close above the weekly structure, at the restest of it, we can set a nice long order according with Plancton's strategy.
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
USDSEK Elliott wave forecast for week staring at 17.08.2020Hi all,
It is a boring Saturday for me and I had nothing to do so lets do a minor currency pair for fun:D
First of all I am not 100% sure about the wave counts as I didn't go through 1min chart to verify all the counts but it seems to be a good count
2- some of my wave counts doesn't 100% confirm the fibo ratios but it is roughly a correct model I think.
it seems that we are in wave 4 and we should expect some reverse.
I think we are gonna see a triangle. wait until one of the trend channels for the correction to get broken so I can see clearly what structure is this.
buy or sell?
non, just wait . I will keep you update under this post
I am so bullish and I think we will see some reversal but I am not gonna buy until I see a clear signal
usdsekpast times the usd has fallen it has been a rather long process, however, these past 6 months things have moved much quicker. not sure what that means in the long run, but it's an interesting thing to consider if you are a SEK holder
