USDSEK - Time to cool down? (divergence, wedge, resistance)
- Extreme rises in more or less stable countries wont happen without a cooldown
- Resistance from 2 previous tops around 8.08 (yesterday's trading)
- Negative divergence on daily (can be small or large correction)
- Bear rising wedge in an up trend - if followed by tech traders, can lead to 7.5
- Secodnary parallel (purple channel) top
As much as it has been a huge loss for Swedish SEK second half of year (25% loss to Dollar), it is not as weak as it seems to be.
If breaks down, we know that is indeed a top. Breaking above the top would lead to 8.5 at least
- Resistance from 2 previous tops around 8.08 (yesterday's trading)
- Negative divergence on daily (can be small or large correction)
- Bear rising wedge in an up trend - if followed by tech traders, can lead to 7.5
- Secodnary parallel (purple channel) top
As much as it has been a huge loss for Swedish SEK second half of year (25% loss to Dollar), it is not as weak as it seems to be.
If breaks down, we know that is indeed a top. Breaking above the top would lead to 8.5 at least
