By Anton Eljwizat – The USD has dropped significantly versus the SEK in the past several days, and it is currently traded around 7.4070. 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 William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.
USD/SEK Daily Chart
Forex Market Analysis provided by Forex Yard.
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