USD/SEK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© 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
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Wed, 11 Dec 2013 07:53:49 GMT

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