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USD/SEK Technical Analysis - USD/SEK Trading: 2020-06-22
USD/SEK Technical Analysis Summary
Above 9,5
Buy Stop
Below 9,23
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
USD/SEK Chart Analysis
USD/SEK Technical Analysis
On the daily timeframe, USDSEK: D1 approached the resistance line of the short-term downtrend. It should be breached up before a buy position is opened. A number of indicators of technical analysis formed signals for a further increase. We do not exclude bullish movement if USDSEK rises above the downtrend resistance line: 9.5. This level can be used as an entry point. We can set a stop loss below the Parabolic signal or the last lower fractal: 9.23 or 9.1. After opening the pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price meets the stop level (9.23 or 9.1) without activating the order (9.5), it is recommended to delete the order: there are internal changes in the market that have not been taken into account.
Fundamental Analysis of Forex - USD/SEK
Bank of Sweden (Sveriges Riksbank) may lower the rate at the next meeting on July 1, 2020. Will USDSEK quotes rise?
The upward movement means the weakening of the Swedish krona. Since February 2015, the rate of the Swedish Central Bank had been negative. In December last year, it rose to 0%. Thus, Riksbank kept rate unchanged during the coronavirus pandemic, while almost all the world's central banks reduced it. Theoretically, the Central Bank of Sweden could return the rate to the negative area in order to stimulate the recovery of the national economy after Covid-19. A meeting of the board of directors of Riksbank will take place on June 23, at which some views on the rate can be expressed. Inflation in Sweden in May was 0% in annual terms. Unemployment reached a 6-year high of 9%. Year-on-year GDP in the 1st quarter fell by 0.4%.
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