USD/DKK 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/DKK had never seen levels as high as in December 2016, when the pair attacked 7.1583 for two consecutive times, failing just after, but keeping the bullish potential in the back of its head. A rising wedge now suggests that the area is not out of reach, meaning that a bullish outburst might come in case of stickiness at the upper trend-line. The pair has just tapped at the aforementioned boundary and could either lead to an upward breakout or a downfall below the pattern after a few waves. We will therefore look at 7.0026, which serves as support for an alternative descending triangle pattern and could give us signals on whether an upward or downward breakout is about to take place.
© Dukascopy Bank SA
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