Chart of the Day -USDSEK- (Nov. 19th 2018)

20th November 2018 Off By binary
Chart of the Day -USDSEK- (Nov. 19th 2018)

The USDSEK could be signaling a bigger correction coming for the DXY.

The USDSEK is not a currency we cover at Forex Analytix, or a currency pair I trade much. However, it does represent a pair I personally follow for a specific reason. Sometimes, the pair can be a leading indicator on what we may see in the broad USD Index. The USDSEK is weighted 4.2%, even more than the more popular USDCHF which is 3.6% of the index! In the chart below, we are close to testing a long term uptrend line, but what is more important is that the RSI has formed a triangle which is now breaking lower, suggesting price may break lower as well. If this is the case, perhaps the USD index (DXY) will follow suit. On the chart, the DXY is the blue line chart overlayed with the USDSEK.

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Blake Morrow

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