USD/SEK 4H Chart: Triangle

Since USD/SEK has already reached the apex of the triangle, there should soon be a break-out from the pattern. And even though for now the pair is forming a bearish candle, there are more reasons to believe that in the end the bulls are going to overpower the bears. First of all, most of the technical studies are currently pointing upwards. Secondly, before USD/SEK started to consolidate, the market was bullish, and the triangle itself implies continuation of the tendency observed prior to the pattern. Meanwhile, the SWFX sentiment is strongly bearish—as many as 73% of traders are holding short positions on the pair right now.