USDSEK price line has been going through an ascending wave for quite a long time. The ascending slope of the price line on this chart has increased over time and emotional buy orders are now getting more and more every day. The green lines above and below the price line, indicates the increasing slope of the current ascending wave. As the price line motions suggest, we have lately entered the fifth Eliot wave and we can expect the bearish phase to take over the market. RSI and MACD indicators are suggesting the same thing as bearish signals, divergence as instance, has occurred on the price chart. Bears can be waiting for any descending trigger on shorter time frames to open positions.
• The first major resistance level is at $11.41400, followed by other resistance levels, located at 11.52027 and 11.66666.
• There is support at 10.82626 below, there is 10.62661 and 10.03797
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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