SEK
EURSEK long back to the topEURSEK looking to bounce on the trend line to continue up long. if it does break the trend then opportunities for short will arise
USDSEK - Harmonic ShortENTRY 8.33400
SL - 8.34400
TP - 8.08210
TP - 7.82600
Red Dotted lines are temporary S&R levels
Orange lines are more well respected S&R levels
Take this trade for Long....I take this trade not because dollar strong, but swedish krona weakness..
and I make correlation with EUR/SEK and GBP/SEK too...
EUR/SEK 1H Chart: Some upside potential still likelyEUR/SEK is being guided by several patterns, the most important of which are two opposing channels. The Euro breached the upper line of the more senior pattern earlier in this session when a strong hourly surge allowed it to move past the 9.96 mark.
This upside breakout of the four-month channel suggests that the bullish sentiment might continue dominating the market in line with the junior formation. However, some minor correction south is still expected, as the pair needs to relieve its overbought pressure. A possible point of reversal could be the 55-, 100– and 200-hour SMAs and the 61.80% Fibo near 9.92. The nearest upside target within the following sessions could be the 10.03 mark.
Given that this is likewise the highest level in several years, the Euro is likely to surrender under the bearish pressure near this high and begin depreciating in the medium term.
USD/SEK 1H Chart: Two scenarios possibleFollowing a reversal from a seven-month high of 8.52 mid-December, the US Dollar has been moving in a channel down against the Swedish Krona. The upper boundary of this pattern was tested on February 9—a move which was followed by a slight period of depreciation.
It seems that the pair is currently standing at the crossroads of two scenarios. On the bearish side, the pair should breach the 200-hour SMA and edge lower in line with the medium-term channel. A possible target within the following two weeks could be the 2016/2018 low of 7.8221. Technical indicators suggest that this is the more likely scenario.
On the other hand, the pair might fail to sustain its bearish movement in the steep channel down, thus resulting in a soon breakout north. The pair might even respect the three-week ascending channel and breach the 55– and 100-hour SMAs near 8.06. A surge up to the 24.60% Fibo retracement at 8.2053 is expected to follow.
EUR/SEK 1H Chart: Pair expects breakoutA falling wedge has guided EUR/SEK since mid-November. It seems that this pattern is gradually reaching its maturity, thus pointing to a soon breakout. Falling wedge is generally a continuation pattern that should allow the Euro to resume its previously-existing up-trend.
During this session, the rate was stranded between the 55-, 100-, and 200-hour SMAs and the weekly and monthly PPs. All these levels are providing strong barriers; thus, it is likely that the direction of the breakout would prevail for some period of time.
In case bulls take over the market, a near-term target could be the psychological 9.90 mark where the 23.60% Fibo retracement is located.
USDSEK 2300PIPS HUNT USDSEK
To open LONG positions for USDSEK , it is required:
In this situation our system indicators to confirm trade entry confirmation for movement to the upside but if the market trend continues to range this signal will become invalid. Market execution for entry, I will confirm signal once the conditions have been met.
Risk Description: Once signal is confirmed we will execute more positions on the position on H1 and 30M charts. Minimum 2350 pips will be up for grab with small risk SL at swing high. Target 5000 pips
Profit expectations: 6-20 day trade length expected before hitting profit target I will post exit strategy when signal receives a exit signal.
Trading method: RSADVANTAGE Stage 5, accurate system manually forward tested over 3 years designed to stay out of ranging markets and only target strong trends suited for swing trading. This system is made of custom adaptive volume indicators and Oscillators that properly detect trends very early and provides exit signals at dynamic S/R zones once the trend has ended. // Average yearly pips gained is 40k per pair on D1 charts alone. I have provided a similar limited version of the system on Trading view to help traders visualize the strategy.
USD/SGD 1H Chart: Rate poised for gainsFollowing a breakout of a four-month ascending channel mid-December, the US Dollar started to weaken substantially against its Singapore counterpart. This bearish movement was bounded by two channel lines with several confirmations on each side.
After failing to reach the bottom line on January 15, the Greenback started to trade in a junior channel down. Even though this pattern was breached earlier today, it is unlikely that the pair moves below the 7.92 mark which is supported by the monthly S2 and the weekly S3.
Technical indicators are located in the oversold territory, thus also pointing to a soon increase in price. It is likely that the US Dollar is halted near 8.02 due to the combined resistance of the upper channel line and the 55-, 100– and 200-hour SMAs. However, the pair could subsequently breach the senior formation and go for a surge towards 8.30.
EUR/SEK 1H Chart: Pair trades in falling wedgeEUR/SEK has been trading in a channel up since late 2016. During its last wave down which started mid-December, the common European currency has likewise formed a falling wedge. It tested the bottom boundary of this pattern on January 5 and has since edged slightly higher.
From technical point of view, the Euro should approach the upper wedge line in the 9.87/89 territory. Meanwhile, the pair has been currently stranded between the 55-, 100– and 200-hour SMAs in a diminishing trading range. It is likely that a breakout from this area would determine the subsequent direction.
Technical indicators show that the southern barrier might surrender under the bearish pressure, thus possibly sending the Euro down to 9.74 area where the monthly S1 and the weekly S2 are located.
An upside breakout, however, could result in a test of the 9.89 mark within the following week or more.
USD/SEK 1H Chart: Pair guided by bearish patternsUSD/SEK was dominated by an ascending channel in force since late August. This long-term pattern was breached mid-December, thus following by a period of decline down to the 8.13 mark.
This bearish momentum has allayed during the previous week; nevertheless, the pair still remains tended slightly southwards. The Greenback managed to breach the combined resistance of the 55– and 100-hour SMAs early today. Technical indicators favour further fall within this session and even beyond. Thus, it is likely that the given currency halts near the 200-hour SMA and re-tests the aforementioned shorter-term moving averages.
By and large, the senior channel is expected to hold, thus guiding the pair within the following week or two.
EUR/SEK 1H Chart: Rate weakens from yearly peakThe common European currency has been appreciating steadily against the Swedish Krona since early September.
This movement north has allayed during the past three weeks, as the rate has been lingering slightly below the 2010-2017 high of 10.03. This peak was reached on December 12, and the Euro has since edged lower. The same bearish sentiment is likely to prevail during the following weeks, as well.
Even though technical indicators point to a possible increase in price in this session, gains are unlikely to exceed the aforementioned high. In addition, the pair faces the combined resistance of the 200-, 55– and 100-hour SMAs and the weekly PP that could hinder or even halt any intentions to push higher.
USD/SEK 1H Chart: Channel up weakensUSD/SEK had been guided by a channel down valid since November, 2016. This long-term pattern was eventually breached to the upside two months ago when a junior channel proved to be stronger.
The rate has since diminished its trading range in the given pattern, thus failing to reach its lower boundary on November 27. Meanwhile, a possible surge north has been halted by the 8.52 area on several occasions.
Technical indicators suggest that the US Dollar is likely to edge higher in this session. Given the strong resistance of the 100-, 55– and 200-hour SMAs and the weekly PP, any attempts to move past the 8.46 mark should be disrupted. Subsequently, the pair could either trade sideways for some period prior to falling down or do the latter right away.
A possible downside target for the following three weeks is the 8.32 area.
EUR/SEK 1H Chart: Pair moves away from 2017 highThe common European currency has appreciated substantially against the Swedish Krona within the past three months. During this time, an ascending channel was guiding the pair up until a 2017 high of 9.9901 was reached on November 21.
The Euro has likewise formed a two-week junior channel. Its bottom boundary has had three confirmations, while the upside was tested early today for the second time. As apparent on the chart, the pair was reluctant to move past the 9.9270 area for the last week. The same situation occurred in this session, as well, before a sudden upward surge breached this channel.
The rate could go for the senior channel circa 9.90 today. However, the combined support of the 55-, 100– and 200-hour SMAs is likely to hinder further decline.
Meanwhile, technical indicators suggest that the pair could respect the junior channel and thus breach the senior one in a week.
USD/SEK 1H Chart: Rate pressured by SMAsThe US Dollar has been appreciating against the Swedish Krona in an ascending channel since late August. After failing to reach its upper boundary on November 21, the Greenback initiated a new wave down.
Meanwhile, the lower boundary of the senior channel was tested for two consecutive sessions. The rate, however, managed to edge slightly higher until the weekly PP at 8.3538 was reached.
Currently, the pair is located between the 55-, 100– and 200-hour SMAs. The pressure from both barriers might force it to move sideways. Its subsequent movement, however, is expected to be south and past the bottom boundary of the senior channel.
In case this scenario occurs, this might mark a period of depreciation for the pair until some weekly or monthly pivot points halt this bearish momentum (both types of pivot points are to change at the end of this week, thus a specific downside target cannot be set).
EUR/SEK 1H Chart: Euro tests 200-hour SMAFollowing a five-week appreciation against the Swedish Krona in an ascending channel, the common European currency has formed a channel in the opposite direction and is thus gradually moving lower.
The pair reached a 2017 high last week when the rate reversed from the 9.8044 area. This suggests that a decline in both medium and long term is a likely option.
The rate is currently testing the upper line of the junior channel—an area which is likewise reinforced by the 200-hour SMA. From this perspective, the rate should rebound from the this resistance and edge lower. However, given the steepness of the descending channel, this formation is unlikely to hold for long.
Technical indicators flash mixed signals, but the overall tendency seems to point southwards. The rate might go as low as the monthly PP circa 9.67 during the following trading sessions prior to making a minor recovery.
USD/SEK 1H Chart: Breached long-term patternFollowing an eight-month period of depreciation in a descending channel, the US Dollar began a new up-wave late in August. This bullish sentiment proved to be stronger, thus setting the pair for a breakout of this long-term pattern. Currently, two channels up are dominating the market.
The Greenback has been testing a three-month high of 8.4050 for several trading sessions. Its failure to move above this line suggests that the pair might be ready to form a retracement from the aforementioned long-term channel. However, the rate being pressured by the 55– and 100-hour SMAs might hinder any immediate movement south.
As a result, it could continue its consolidation phase in this session prior to edging lower next week.
