The USD has dropped significantly versus the SEK in the past 3 weeks, and it is currently traded around 6.4430. And now as evident in the data below, the daily chart is giving bullish signals, indicating that USD/SEK pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the daily chart of the USD/SEK currency pair.
• The technical indicators that are used are the MACD, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates an impending bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 4: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
