Technical analysis for USDSEK after weekly closing
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.
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.