From now on we Elev8
We're more than just a broker. We're an all-in-one trading ecosystem—everything you need to analyse, trade, and grow is in one place. Ready to elevate your trading?
Trading news
2 Aug 2016
Has the correction in USD/SEK run its course?
Although positively aligned, the 50- and the 200-period SMAs see the USD/SEK quoting between both averages on 4H charts.
The shift from a steady rally to the unfolding of a corrective pattern has brought RSI below its 35% level, considered oversold territory in an otherwise bullish context.
While still above its 200 SMA, buyers may try to keep the upward trajectory in place. If taken out, a slide below the 200 moving average would suggest an increased risk that the corrective process has developed into a new downward trend. A close back above the 50 SMA would delay the current stumbling and spur ideas that another wave of demand is likely.
The shift from a steady rally to the unfolding of a corrective pattern has brought RSI below its 35% level, considered oversold territory in an otherwise bullish context.
While still above its 200 SMA, buyers may try to keep the upward trajectory in place. If taken out, a slide below the 200 moving average would suggest an increased risk that the corrective process has developed into a new downward trend. A close back above the 50 SMA would delay the current stumbling and spur ideas that another wave of demand is likely.