The ascending trend line is broken
USD/SEK price started an up trend after a significant decline and currently, the price line broke below the trend line and at the moment the price line is having a retest of the broken trendline. MACD is still showing strong ascend. RSI indicator just broke above 50 and is showing 65 at the moment.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is daily.
The price is Currently almost on the resistance level at 8.81 – 8.828. The area has been able to dump the price several times in the past and therefore is considered a strong resistance level. Breaking above this area looks to be a hard task for USD/SEK to achieve, but in case the price breaks above the area, a strong ascending leg would be expected and bulls can target 8.94 for their first TP and 9.14 as the next one. On the other hand bears can wait for the price to touch the resistance level once more and in case the resistance does not break, sellers can target 8.7 as their first TP, which would be level 0.236 of the Fibonacci retracement; the next TP for sellers can be level 0.382 of the Fibonacci retracement which would be 8.618.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.