USD/SEK 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to strong selling pressure in February and March USD/SEK went from 6.56 down to 6.33. Nevertheless, in March the currency pair found a tough support level that helped it commence a recovery. As a result, the U.S. Dollar is now probing some of the key 2013 highs at 6.70, which are likely to initiate a dip that in turn may extend down to the lower edge of the rising wedge at 6.55, even though most of the four-hour and daily technical indicators are currently bullish. Here the rate may start another bullish wave, but if the up-trend support is breached, the first target is likely to be May 8 low at 6.46, followed by the Mar 18 low near 6.33.
© Dukascopy Bank SA
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