The rates continue within a flat trend. This is a fairly common case for USD/SEK. However, lately we have seen an increase in volatility. We observe that the rates tested the support line in May and then the resistance line in June. This tells us that the consolidation phase will end in the near future, and is also a sign that an uptrend is forming. We are talking about the strengthening of the dollar, which, after a period of weakness, began to receive support again both on signals about the growth of Fed rates and thanks to good macroeconomic reports, especially when compared with economic indicators in Europe.
This week, the dollar was supported by the growth of the US real estate market, where actual sales and building permits for new homes exceeded forecasts. Also, investors were inspired by the growth of the consumer confidence index and the hawkish speech of the Fed officials. Speculation on the interest rate topic can support the dollar for several more months.
The Swedish Riksbank raised its rate today by 25 pips for the seventh time in a row, while the consumer sentiment index rose to 71.4 pips, the highest figure this year. It also became known about the reduction of the trade balance deficit, but all this news did not affect the value of the kroon due to the negative external background.
The vast majority of technical analysis indicators point to the effectiveness of the deals to BUY in the near future, and we confirm the correctness of this signal. The entry points can also be the levels of 10.1475 and 10.9538, the overcoming of which will indicate the completion of the consolidation. At the same time, reaching the point 10.9538 is considered much more likely. New deals with USD/SEK can be opened even with 3$ investments thanks to or exclusive Easy deposit bonus: https://superforex.com/easy-deposit-bonus
