fbUSDSEK Forecast | Swedish economy may slow its recovery | IFCM Hong Kong

Technical Analysis USDSEK : 2021-03-08

Recommendation for USD/SEK:

Strong SellSellNeutralBuyStrong Buy

Above 8,57

Buy Stop

Below 8,1

Stop Loss

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Senior Analytical Expert
Articles 1706
RSI Neutral
MA(200) Neutral
Fractals Buy
Parabolic SAR Buy
Bollinger Bands Buy

Chart Analysis

IFC Markets Tech Analysis

On the daily timeframe, USDSEK: D1 broke up the resistance line of the long-term downtrend and short-term channel. A number of technical analysis indicators formed signals for further increase. We do not rule out bullish movement if USDSEK: D1 rises above its latest high: 8.57. This level can be used as an entry point. We can place a stop loss below the Parabolic signal, lower Bollinger band and 3-year low: 8.1. After opening a pending order, we can move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (8.1) without activating the order (8.57), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.

Fundamental Analysis

Weak economic data came out in Sweden. Will the USDSEK quotes rise?

The upward movement means the weakening of the Swedish krona against the US dollar. The Sweden current account in the 4th quarter of this year was the minimum for the year and amounted to 57.4 billion Swedish kronor. Let's remind that the Q4 Swedish GDP declined by -0.2% in quarterly terms. This is worse than expected +0.5%. Significant economic data is expected this Tuesday, on March 9: industrial production and orders, as well as household consumption for January. The outlook is negative. On Thursday, data on unemployment in Sweden will be released. The forecast is neutral.

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