Market Overview

USD / SEK Technicals – Trading Above 6.52

4 Hourly Chart

http://forexblog.oanda.com/mserve/USDSEK_160113H4.PNG

6.52 resistance has been breached, opening up next level of resistance (38.2% Fib Retracement from 16th Nov '12 High vs recent Low) found just above 6.58. However, wait for any confirmation of bullish reversal as current candle is not slated to close until 3+ hours later, and we could still end up with a false dawn yet.

Daily Chart

http://forexblog.oanda.com/mserve/USDSEK_160113D1.PNG

From the daily chart, Stochastic suggest that bullish correction could still extend a little bit further after readings came back to above 20.0. However, downward trendline will weigh against any bullish efforts, with 6.53 (swing low on Oct 19th) potentially where price meet trendline. Overall, current setup does not negate the bear trend until 6.57 has been broken. Should 6.57 remain respected, 6.44 comes back into focus with bears wanting to break below to continue the bearish extension.

 

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