After a few recent attempts to move above February’s high, at 8.479, USD/SEK bulls finally managed to lift and keep the pair above that hurdle. At the same time, the rate is running above a short-term tentative upside support line taken from the low of February 25th. We will continue aiming higher, as long as the rate stays above that upside line.
A further push north may bring the pair closer to the 8.585 hurdle, marked near the lows of November 17th, 19th and 20, and near the high of November 30th. The rate might stall there for a bit, or even correct back down. That said, if USD/SEK remains above the aforementioned upside line, this could be a good opportunity for the bulls to step in again. If so, the pair may rise back to the 8.585 obstacle, a break of which would confirm a forthcoming higher high and send the rate to the 100-day EMA, or to the 8.707 level, marked by the high of November 13th.
The RSI and the MACD are both pointing higher. The RSI remains above 50 and the MACD is above zero and its trigger line. The two oscillators support the above-discussed scenario, as both indicate strong upside price momentum.
Alternatively, if the previously-discussed upside line surrenders and the rate then falls below the 8.355 hurdle, marked by the current lowest point of March, that may invite more bears into the game, possibly clearing the way to some further declines. USD/SEK might drift to the 8.205 zone, marked by the lowest point of February, which if fails to provide support and breaks, could open the door for a move to the 8.124 level, marked by the current lowest point of 2021.
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