USDSEK approaching support, potential for a bounce!
USDSEK is expected to drop to 1st support at 9.54484 where it could potentially react off and up to 1st resistance at 9.69613.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Usdseklong
USDSEK approaching support, potential for a bounce!
USDSEK is expected to drop to 1st support at 9.40693 where it could potentially react off and up to 1st resistance at 9.49965.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USD/SEK CARRY TRADE LONGThe Strong dollar vs the weak Swedish Krona was among the strongest carry trades during 2018 and let me give you guys some hints.
The Swedish Central bank has their hands bound - promised 2% rate increase until 2021
Housing market overbought is overbought at 189% which means per default the banks will sell the property at 100% at default and customer sticks with the 89%
Swedish Krona is at negative interest rate meaning that we against the dollar are looking at some major punishments still for the Krona.
USDSEK.. What now? #USDSEK maintains a bullish “triangle” continuation pattern, as well as an existing base from April last year, keeping the risks higher. We see resistance back at the 2016 high at 9.4482,
with potential long-term trend resistance seen at 9.4818, which we expect to cap at first. Big picture though, the “measured triangle objective” is set much higher at 9.6176.
LONG USDSEKWe did follow this pair for a few weeks now. On the daily chart, it can be seen that it reached an area where it will consolidate (based on the previous patterns) until a breakout occurs. Based on our analysis, we went long and set our TP to the previous highs (9.09523) and SL to (9.02374), where support can be seen above this area.
Trade safely!
The Forex Farmers.