Bearish Analysis on USD/SEK by ThinkingAntsOk
4H CHART EXPLANATION:
On this timeframe we observe that price is on a small consolidation at this moment. If it breaks down and the Ascending Trendline is broken, then we will wait for a corrective structure (continuation pattern) like a triangle, pennant, flag, etc. to take this trade. The first short term target is the confluence zone between the Daily Ascending Trendline and the Support Zone at 9.5800 - 9.6000. If this zone is broken, then price has potential to reach the Support Zone at 9.2500. The long term analysis is below on the Daily chart.
DAILY CHART EXPLANATION:
On this timeframe we observe that price is on a small consolidation at this moment. If it breaks down and the Ascending Trendline is broken, then we will wait for a corrective structure (continuation pattern) like a triangle, pennant, flag, etc. to take this trade. The first short term target is the confluence zone between the Daily Ascending Trendline and the Support Zone at 9.5800 - 9.6000. If this zone is broken, then price has potential to reach the Support Zone at 9.2500. The long term analysis is below on the Daily chart.
DAILY CHART EXPLANATION: