USDSEK on the 4 hour has been in a major downtrend with multiple lower highs and lower lows. We hit a major support zone on the daily chart at 8.6000. From here the downtrend is beginning to exhaust with no new lower lows.
From here, it seems we are setting up for a double bottom pattern. A quintessential reversal pattern. I am awaiting for a break above the flip zone at 8.80. I want a nice and concrete candle close above. Wait for that close! We could easily get a reversal and a pinbar candle.
If we get that break, expect multiple higher lows on the way up. We have a major zone at 9.10 which I would target.
Speaking about USD pairs, take a look at the DXY. Also a possible double bottom pattern which NEEDS the breakout to confirm. Will we get it? We shall wait and see.
If we do, it could be a pullback to the 95.00 zone before making a second lower high on the daily chart.
Here are a few USD pairs that have similar set ups:
From here, it seems we are setting up for a double bottom pattern. A quintessential reversal pattern. I am awaiting for a break above the flip zone at 8.80. I want a nice and concrete candle close above. Wait for that close! We could easily get a reversal and a pinbar candle.
If we get that break, expect multiple higher lows on the way up. We have a major zone at 9.10 which I would target.
Speaking about USD pairs, take a look at the DXY. Also a possible double bottom pattern which NEEDS the breakout to confirm. Will we get it? We shall wait and see.
If we do, it could be a pullback to the 95.00 zone before making a second lower high on the daily chart.
Here are a few USD pairs that have similar set ups: