USDSEK: Breakout setup to watch
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.
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.