USD/DKK 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Using the support at 5.4664 as a springboard USD/DKK was able to commence a strong recovery. However, while the technical Indicators suggest that the bullish potential has not yet been fully realised, there are concerns how sustainable is the current rally. The main counter-argument is represented by the pattern the currency pair is presently forming, namely the rising wedge. Accordingly, instead of advancing far beyond 5.56, the U.S. Dollar is more likely to fall. In case the up-trend support at 5.5367 is breached, the sell-off could take the price down to the Jul 14 low, though there is supposed to be significant demand at the level of Jul 21 low as well.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.