Forex

USD/SEK may rise 523 - 773 pips

2024-07-05

Our pivot point stands at 10.4570.

Our preference

Rebound.

Alternative scenario

The downside breakout of 10.4570 would call for 10.4160 and 10.3910.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (10.4889) but below its 50 period moving average (10.4953).

Supports and resistances

10.6160 **

10.5920 *

10.5680 **

10.5430

10.4907 last

10.4730

10.4570 **

10.4160 *

10.3910 **

Number of asterisks represents the strength of support and resistance levels.

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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