Trade of The Day: USD/SEK

Facts:

• USDSEK is testing the support at 9.3990
• The main trend from the end of May remains upward
• The pair is trading above the 100-period moving average from H1 interval

Recommendation: Trade: Long position on USDSEK market price Target: 9.4750 Stop: 9.3740

Opinion:

USDSEK reached a key technical support yesterday which is marked with a lower limit of 1:1 structure. The level is being tested again today and should buyers manage to hold the price above, the main sentiment remains bullish. The support at 9.3990 is also marked by the 100-period exponential moving average from H interval. According to the Overbalance methodology, as long as the price sits above the 9.3990, one should expect price to continue the upward move. We recommend going long USDSEK at market price with a target of 9.4750. We also recommend placing a stop loss order at 9.3740.

Source: xStation5