USD/DKK 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 107-bar long Rising Wedge was formed by USD/DKK on the 1H chart in the beginning of this month. At the moment of writing the pair was traded at 5.820, only 170 pips above the support line. According to tools of technical analysis, the pair is likely to reach pattern's lower trend at the level of 5.803, as aggregate technical indicators are sending either "sell" or "neutral" signals, while 70% of all opened positions are short. In case of a downside breakout, lower prices and increased trading volumes can be expected.
© Dukascopy Bank SA
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