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U.S. Dollar / Swedish Krona

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USDSEK trade ideas

USDSEKUSDSEK has been showing some nice support at some key zones. Though I'm in for a long at the monthly S1, if the trade works out I'm probably early so there should be another chance to enter - if you think USD has some overall strength still to show. Reason for the expectation that there will be another entry - their CB will be on deck next week. They have widely telegraphed that they will tighten at this meeting - and that has been the main reason for SEK strength in the last few months. We should expect continued SEK strength into the meeting unless the USD side of the equation strengthens considerably. However, looking beyond that, they have already said that they expect rates to stand pat for a considerable length of time after this raise - so unless they change this narrative, there should be a bounce for USDSEK, perhaps after a brief sell-off immediately after the announcement. My stop could be a little too tight here - SEK likes a decent spike as it isn't as liquid as the main pairs - but the H1 price action does look promising - there's enough ammunition in the buyers to break the trendline so even if we reach new lows in the next week before the CB meeting, this is a decent sign buyers are stepping back in. Of course, this trade relies on the idea that USD strength will remain going into the end of December/ 2020. I'm in that camp so I will happily take this trade - but of course, will always on the lookout for the right signs that USD weakness is around the corner (as is widely expected for 2020).
by ForexVox
USDSEK Reversal Pattern after All Time New Highs!USDSEK has been on my watchlist for quite sometime after we made new all time highs and then produced large red candles showing no momentum in the break. You can see we tried to create another higher high, but price was rejected and reversed at 9.7280. You can see the head and shoulders pattern which has occurred after making multiple higher lows and higher highs in an uptrend. This is ideal as we want to see an established trend before a reversal pattern. We did break the neckline yesterday and have seemed to retest the breakout zone with todays daily candle, with the wick retesting the zone and indicating sellers stepping in. I do not use trendlines very much, but also shows a break of the trend so adds some more confluence. EURSEK was a trade I covered and took a few weeks back, and it can still make another lower high. Perhaps there is still ways downward for the Swedish Krona. I am looking to take profits at the flip zone of 9.30 in the long term, although I would expect to see some reaction at 9.45.
Short
by Uncharted-FX
USDSEK bounced from support, potential for a further rise! USDSEK bounced off 9.51661 where it could potentially rise further to 9.75275. *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
USDSEK - Time to turn around?USDSEK (1H) - short term bullish bias The US dollar started the week with a lead in continuation of Friday's momentum. The bullish RSI divergence at the November low of 9.5450 was the first hint that selling pressures were easing off and the price could start to turn around. The break above the moving averages and the bullish MA cross came as further confirmations that buyers have started to commit themselves. With enough support during the current pullback we could expect a rally toward 9.6000. Key support: 9.5370 Key resistance: 9.6000
Long
by INFINOX_Capital