USD/DKK 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Taking into account the fact that USD/DKK's trading range has been widening throughout last four weeks, there is possibility that this pattern will eventually change to the broadening wedge one. Moreover, broader trading space inside the pattern makes it more difficult to the pair to reach its boundaries. However, the pair is currently driving towards monthly PP at 6.7940, which is reinforced by the 55-period SMA. These levels will create a major supply zone, which is likely to reverse the pair's recovery is push is back to the downside. Still, technical indicators are mostly undecided at the moment, while the majority (71%) of traders believe in US Dollar's ability to gain more value versus the Krone.
© Dukascopy Bank SA
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Wed, 06 May 2015 06:26:04 GMT

USD/CAD 4H Chart: Channel Down

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