USD/SEK rises amid strong US labor market data and threatens the 20-day SMA

The USD/SEK rose towards the 10.470 level, threatening the 20-day SMA.
US November Job reports: Unemployment Rate declined while Nonfarm Payrolls Average Hourly Earnings accelerated.
All eyes are now on next week’s US November CPI and the Fed’s decisions.

Patricio Martín FXStreet

In Friday's trading session, the USD/SEK edged higher, primarily driven by strong labor market data from the US and rising American yields, resulting in a 0.80% uptick. Consequently, the USD/SEK now threatens the 20-day SMA of 10.470, a short-term solid resistance.

The US Bureau of Labor Statistics reported that the Unemployment rate for November declined to 3.7%. On the positive side, Nonfarm payrolls defied expectations, climbing to 199K against the foreseen 180K and the previous 150K figure. Meanwhile, Average Hourly Earnings marked up 0.4% for November, overshooting the predicted 0.3% and distinctly surpassing the preceding 0.2% rate.

Its worth noticing that recent hints from Federal Reserve (Fed) officials on potential further regulatory tightening have subdued dovish expectations, which pushed the pair downwards in the last sessions. In that sense, robust labor market data reinforce this caution as the bank seeks additional confirmation of the economy cooling down. Next week, the Consumer Price Index (CPI) figures from November may provide markets with further guidance, but the highlight will be the Fed decision, where investors will seek clues on the bank's next plans.

USD/SEK levels to watch

The technical indicators on the daily chart reflect a certain dominance of the selling momentum. The Relative Strength Index (RSI) is in negative territory with a positive slope, suggesting a potential short-term momentum shift, although it is limited while under the 50-midline. The Moving Average Convergence Divergence (MACD) shows flat green bars, suggesting a temporary pause in the selling pressure.

Yet, the broader picture is tilted toward the bears. The pair are lingering below the 20, 100, and 200-day Simple Moving Averages (SMAs), representing that the bears have the command in the bigger picture. Despite the bearish breather, the selling pressure remains the prominent force, especially after the sellers pushed the price to lows since July last week. Therefore, the short-term technical outlook is inclined toward the sellers.

Support Levels: 10.365, 10.275, 10.180.
Resistance Levels: 10.471 (20-day SMA),10.503, 10.540.

USD/SEK daily chart

USD/SEK

Overview
Today last price	10.4687
Today Daily Change	0.0867
Today Daily Change %	0.84
Today daily open	10.382

Trends
Daily SMA20	10.5063
Daily SMA50	10.813
Daily SMA100	10.8462
Daily SMA200	10.6896

Levels
Previous Daily High	10.491
Previous Daily Low	10.3707
Previous Weekly High	10.6169
Previous Weekly Low	10.1997
Previous Monthly High	11.2449
Previous Monthly Low	10.1997
Daily Fibonacci 38.2%	10.4167
Daily Fibonacci 61.8%	10.4451
Daily Pivot Point S1	10.3382
Daily Pivot Point S2	10.2944
Daily Pivot Point S3	10.218
Daily Pivot Point R1	10.4585
Daily Pivot Point R2	10.5348
Daily Pivot Point R3	10.5787

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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