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USD/SEK 1H Chart: Bears could prevail

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralSellNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)NeutralBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate⇒⇗⇗

[ANNOUNCE] The USD/SEK exchange rate has been trading upwards since the beginning of March after it reversed north from the support level—the monthly S2 at 9.3869. [/ANNOUNCE] 

It is likely that the currency pair could gain support from the 200-hour moving average near 10.00. Thus, some upside potential could prevail in the market. In this case the pair could face the resistance levels: the monthly R1 and R2, located at 10.71 and 11.04 respectively. 

On the other hand, the exchange rate could be pressured by the 55– and 100-hour SMAs, located near 10.30. Thus, some downside potential could prevail in the market. In this case the rate could re-test the monthly S2.

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24 Mar 2020

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