By Anton Eljwizat – The USD/SEK cross has been experiencing much bullish behavior in the last few days. However, there is much technical data that supports a bearish move for today. As I demonstrate below, that the USD/SEK may very well be heading for a reversal, and it might have the potential of reaching towards 7.1000 in the coming days. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The technical indicators used are the Relative Strength Index (RSI), MACD and Williams Percent Range.
• Point 1: The RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 2: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 3: The Williams Percent Range has peaked near at the 0 marker, which means that there may actually be a strong level of downward pressure.
USD/SEK 8-Hour Chart
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