USD/DKK 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 1H 4H 1D
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Buy Buy
Stochastic (5; 3) Buy Neutral Sell
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The US Dollar has been weakening against the Danish Krone since February, thus forming a falling wedge. The given pattern has been valid for several months now, which indicates that its maturity may be reached soon. This assumption is supported by the fact that the US Dollar is gradually moving towards a two-year low at 6.4040. This level may eventually turn into a point of reversal, thus setting the Greenback towards the upper channel boundary. Taking into account the fact that falling wedge is a continuation patter, the rate may not halt at the upper channel boundary, but instead continue to edge even higher. Immediate support is provided by the aforementioned low, while resistance is set by the monthly S1 at 6.4413.

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