Technical Analysis – USDSEK aiming to continue bullish run
USDSEK’s appreciation in price appears to be here to stay as it is currently tackling the 9.763 resistance from November 13. Further enhancing the price above the simple moving averages (SMAs) and the Ichimoku cloud, are the rising Tenkan-sen and Kijun-sen lines, which reflect the increase in positive momentum.
The MACD, in the positive region, has moved back above its red trigger line, while the increasing RSI, has just climbed into the overbought territory. Worth mentioning, is the recent bullish crossovers of the 200- and 100-day SMAs by the rising 20-day one and the upturn in the 50-day SMA, which also boosted the positive outlook.
Overtaking the 9.763 resistance, the bulls could find their next obstacle at the inside swing low of 9.829 from October 4. Moving up, the nearby high of 9.860 could deter the bulls from testing the 9.916 barrier and the 17-year top of 9.963.
If sellers resurface, initial support could come from the 9.683 level and the Tenkan-sen line underneath. Moving down, the area from the 20-day SMA at 9.626 to the 100-day SMA at 9.594 - which also encapsulates the low of 9.611 - could halt further loss of ground towards the 200-day SMA at 9.574. Diving lower, the trough of 9.549 and the Ichimoku cloud could prevent the price seeing the 50-day SMA at 9.509.
Overall, the short-term bias is neutral-to-bullish and a decisive close above 9.763 would shift it to bullish.Latest News
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