USD/SEK Technical Analysis | USD/SEK Trading: 2022-07-04 | IFCM Hong Kong
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USD/SEK Technical Analysis - USD/SEK Trading: 2022-07-04

USD/SEK Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 10,38

Buy Stop

Below 9,73

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Neutral
MACD Buy
MA(200) Neutral
Fractals Buy
Parabolic SAR Buy
Bollinger Bands Neutral

USD/SEK Chart Analysis

USD/SEK Chart Analysis

USD/SEK Technical Analysis

On the daily timeframe, USDSEK: D1 is in a long-term uptrend and has come out of the triangle. Technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if USDSEK: D1 rises above its latest high (since March 2020): 10.38. This level can be used as an entry point. Initial risk cap is possible below the last three down fractals, the Parabolic signal and the lower Bollinger band: 9.73. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (9.73) without activating the order (10.38), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental Analysis of Forex - USD/SEK

Sveriges Riksbank raised rates last week. Will the USDSEK quotes continue to rise?

The rate was increased for the 2nd time in a row, immediately by 0.5% to 0.75%. The next meeting of Sveriges Riksbank will take place only on September 20th. Meanwhile, inflation in Sweden in May is much higher than the rate. In May, it reached a maximum for 31 years and amounted to 7.3% y/y. The Sweden Consumer Price Index for June will be published on July 14th. According to investors' forecasts, inflation will rise to 8.2% y/y. The Riksbank expects it to be above 7% by the end of 2022. The Swedish Central Bank also downgraded its GDP growth forecast from 2.8% to 1.8% in 2022 and from 1.4% to 0.7% in 2023. All this can have a negative impact on the exchange rate of the Swedish krona.

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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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