© Dukascopy Bank SA
During the first days of April USD/DKK was explicitly bearish, giving up in total more than nine figures. However, due to a tough support level at 5.3691 (Apr 11 low) and a tough resistance level at 5.4157 (Apr 15 high) the currency pair was able to form an ascending triangle. But at the moment the U.S. Dollar is eroding the rising line at 5.4017, despite the up-trend being reinforced by the weekly PP and 200-period SMA. If the USD/DKK succeeds at breaching this level, which is suggested by a majority of the technical indicators on all relevant time-frames, the rate will be in a good position to target the mentioned trough located at 5.3691 (Apr 11 low).
© Dukascopy Bank SA