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SWEDISH KRONA / U.S. DOLLAR

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SEKUSD trade ideas

USD/SEK 1H Chart: Pair diminishes trading rangeThe US Dollar has been trading in an ascending channel against the Swedish Krona since the beginning of 2018. The pair has appreciated 7.44% since its 2018 low of 7.8233, thus breaching the senior channel on March 28. The Greenback continues to diminish its trading range and move in line with the wedge. The most recent test of its upper boundary occurred late on Friday when the rate reversed from the 8.48 mark. It is likely that the given pattern is respected during the following trading days, thus setting the bottom wedge line circa 8.36 as a near-term target. A breakout to the downside might occur at this level. Nevertheless, this decline below 8.39 could be briefly hindered by the 100– and 200-hour SMAs.
by UnknownUnicorn890690
USD/SEK 1H Chart: Continues trading in neat patternsThe historical price movement of USD/SEK demonstrates that the pair has a tendency to trade in neat channels. The past three weeks have not been an exception. This latest junior pattern was formed late in February when the US Dollar reversed from the upper boundary of a medium-term channel circa 8.32 and began edging lower. Even if this short-term pattern fails to confine the rate any for long, it is still expected that the Greenback continues its movement south within the following two weeks until the senior channel is reached in the 8.10/12 area. Two important support areas is the 55-, 100– and 200-hour SMAs and the weekly PP circa 8.20 and the weekly S1 and the monthly PP at 8.14. A breakout of the latter might set the pair for another decline down to the psychological 8.00 level.
Short
by UnknownUnicorn890690
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.
by UnknownUnicorn890690