© Dukascopy Bank SA
A sharp retreat that was observable after USD/SEK touched a four-month high in the second part of November allowed the pair to accumulate strength for a rebound. USD/SEK started to recover losses in early December when it commenced a formation of the rising wedge pattern.
Now the pair is trading slightly below its daily pivot point at 6.5426 and is likely to advance before long given a recent ‘golden cross' and a strong bullish sentiment on the market (75% of all orders are placed to buy the pair). Furthermore, technical indicators support this view, sending bullish signals for short and medium terms.
© Dukascopy Bank SA