USD/SEK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The greenback has been steadily appreciating versus the Swedish Krone since March 18. Since then the pair has gained moved higher 2300 pips. The rally, however, can be running out steam, as recently bears made an attempt to close below the lower trend line, but the attempt was unsuccessful and the price moved back into pattern's boundaries. Nonetheless, we can prepare for another breakout, as aggregate technical indicators on a 4H and weekly charts are sending ‘sell' signals. Market sentiment is bearish as well, as 59% of opened positions are short. In case we do not see a move above the recent high, then the pair is more likely to break the support line and move lower.
© Dukascopy Bank SA
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