USD/SEK 4H Chart: Ascending Broadening Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The market has been distinctly bullish since the mid-March, as USD/SEK covered the distance between 6.32 and 6.93. But the currency pair might take a prolonged break from the bullish run, as the chart points at emergence of an ascending broadening wedge, through the up-trend at 6.86 must be broken first. However, there are still no significant bearish signals from the technical indicators that are largely giving ‘buy' signals on the daily and weekly time-frames, suggesting the Aug 6 high could be in danger. As for the SWFX traders, they appear to be convinced that the U.S. Dollar is overvalued, since as many as 71% of open positions are short.
© Dukascopy Bank SA
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