We have two key price action markers on the daily timeframe.
1. Price makes an attempt to trade above previous highs and it does. However, price failed to hold above and close.
2. The subsequent candle is an indication that momentum to the downside is accelerating. With the DXY looking bearish, this is a good sign that we can expect further downside.
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Here's the hourly price action:
It doesn't look as clean now, but price was indeed looking to breach the neckline just a few minutes earlier.
You think it's still valid? I'm constantly eyeing the DXY, seems to have some fuel in the tank still. Not convinced enough to close the trade though!
FinancialGamblR
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@LionShiir, USDSEK is a little bit more volatile than the DXY if you overlay. "Beta" is higher. Right now, I'm still monitoring for a range play. Downside momentum is now expected at 10.04825 breach.