Home Technical Analysis USDSEK: Breakout setup to watch
USDSEK: Breakout setup to watch

USDSEK: Breakout setup to watch

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By examining the daily chart of the USDSEK pair, we easily can notice the probability of tracing a head and shoulders top pattern.

The USDSEK pair is presently blasting through the neckline of this pattern along with bearish tendencies over weekly studies.

usdsek-29-04-2015

Assessing indicators, trend indicators (Parabolic and Aroon) are interpreting the recent negativity seen since placing the head of the classical reversal structure, while RSI14 continues to dive below the value of 50.00.

Technical objectives of the pattern reside in the 7.9855m but risk management is very important when we trade the USDSEK, as it is a fast moving instrument.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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