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USD/SEK: Review & Forecast

Published on: 04/01/2017

At the moment the market is calm because of the New Year's holidays. Market activity will be restored after the end of the holidays for at least a week. However, by the end of the current week we expect important data from the US about the oil reserves and the unemployment level, which may slightly revive the market.

USDSEK h4 chart
On the chart of the USD/SEK we can see that the rates are in the frames of the uptrend, but there are perspectives of a trend change. A flat trend has been forming since November. The support line has shifted and now it's in a horizontal position. Also on the chart we can see a trend reversal figure, however, at the moment the preconditions for a trend reversal are not enough. On the one hand, the USD has not yet reached its peak and may continue to grow and strengthen in the new year. On the other hand, there are no preconditions for the strengthening of the SEK. The growth course of the Swedish economy has slowed, but the Riksbank decided to leave the refinancing rate unchanged at a very low level.
the MACD Oscillator shows a signal to open buy deals. This is the right decision in medium-term trading.

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