USD/SEK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/SEK respected technical theories and exited the rising wedge it had followed for three months to the downside. The pair is now guided by the 200-period SMA and could finalize the retracement it appears to be attempting. A tap at 9.2249 would open up a downtrend which should lead at least to 8.9776 with 9.1004, 9.0716 and 9.0205 on the way. Alternatively, a bearish market could extend immediately without a completed retracement. A death cross formation by the 100 and 55-period SMAs adds more ground to our speculation that strong bearish themes are up next for USD/SEK.
© Dukascopy Bank SA
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