Home Technical Analysis Technical analysis for USDSEK after weekly closing

Technical analysis for USDSEK after weekly closing

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I wrote on June 04 that, the USDSEK pair was on its way to re-experience the support of 8.17895 due to the negative pressures appeared over daily studies.

In accordance with our bearish scenario, the USDSEK has plummeted, achieving daily and weekly closing below the afore-mentioned support.

USDSEK-FXCOMMENT-13-06-2015

In the interim, ADX continued to offer negative sign along with RSI14 dropping below the value of 40.00.

Adding Fibonacci expansion tool to the daily chart could define targets for bears at 100% FE-Fibonacci Expansion- for the ABC waves at 7.88776.

Anyway, our suggested sell position is active now and we can protect it at 8.33600 resistance.

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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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