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USDSEK Weekly Doji Trigger

USDSEK Weekly Doji Trigger

2016-11-29 16:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/SEK Weekly

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USD/SEK made a doji last week at the top of its channel and just under the 2009 high. The drop below last week's low serves as the trigger for a short bias. A possible head and shoulders top is evident on the hourly as well. I'm looking towards the April high of 8.8850. From an Elliott wave perspective, a drop to that level would probably compose wave 4 within the 5 wave advance from the May low. In other words, the rally should prove corrective.

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