USDSEK looks to resume its downtrend. This is observable based on the daily and 1-hour timeframe confluence.
Daily Timeframe:
Starting on the daily timeframe, EMA20 rests below EMA60, with price hovering below EMA20. This indicates that the overall trend is down.
In addition, price recently made a clean break below the horizontal trendline (HTL). It then tried to trade above it with no success.
1-Hour Timeframe:
Over on the lower timeframe, we see confluence as well. Price crosses below the ascending trendline, which indicates the overall trend is resuming. There's alignment on the daily and 1-hour timeframes.
My entry is based on the consolidating range that formed after the price pullback. Price is now breaking out of this range, which signals that momentum is picking up.
Daily Timeframe:
Starting on the daily timeframe, EMA20 rests below EMA60, with price hovering below EMA20. This indicates that the overall trend is down.
In addition, price recently made a clean break below the horizontal trendline (HTL). It then tried to trade above it with no success.
1-Hour Timeframe:
Over on the lower timeframe, we see confluence as well. Price crosses below the ascending trendline, which indicates the overall trend is resuming. There's alignment on the daily and 1-hour timeframes.
My entry is based on the consolidating range that formed after the price pullback. Price is now breaking out of this range, which signals that momentum is picking up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.