USD/DKK 1H Chart: Channel Down

Source: Dukascopy Bank SA
USD/DKK was working on establishing a short-term descending channel for the last two weeks. However, this attempt almost failed, as the rate was gradually narrowing down and, thus, transforming into symmetrical triangle. Nevertheless, in the middle of the previous trading day the pair managed to break through the bottom trend-line of the triangle near the 6.8016 level and, afterwards, bounced off from the bottom edge of the channel at 6.7686. This movement serves as a confirmation of the relevancy of the descending channel. Thus, in the upcoming week the pair is likely to continue its upward movement and test the weekly S1, which is located at 6.7921.

  Level  Rationale     Indicator 30M 1H 4H
R4 6.8177 200-day SMA     MACD (12; 26; 9) Sell Sell Sell
R3 6.8087 100-day SMA     RSI (14) Neutral Neutral Neutral
R2 6.8026 55-day SMA     Stochastic (5; 3; 3) Sell Sell Neutral
R1 6.7918/21 Upper Bollinger Band; Weekly S1     ADX (14) Buy Sell Neutral
S1 6.7676 Bottom trend-line     CCI (14) Sell Sell Neutral
S2 6.762 Bottom Bollinger Band     AROON (14) Buy Buy Buy
S3 6.7549 Weekly S2     Alligator (13; 8; 5) Neutral Sell Sell
S4 6.7375 Monthly S1     SAR (0.02; 0.2) Buy Buy Sell
          Aggregate → ↘ ↘
Back to articles

Actual Topics

Fri, 05 May 2017 11:20:31 GMT

AUD/NZD 1H Chart: Channel Down

The Australian Dollar is depreciating against the New Zealand Dollar in a descending channel pattern. The channel down is aimed at the 38.20% Fibonacci retracement level, which is located at the 1.0654 level. It is most likely that that level will be a critical one. However, the channel has already passed the support put up by the 50.00% Fibonacci retracement

Fri, 05 May 2017 09:42:04 GMT

CAD/HKD 1H Chart: Channel Down

The Canadian Dollar is trading against the Hong Kong Dollar in the mid-term descending channel, which has formed after the currency pair made the way though the bottom line of the preceding ascending channel. This trading week showed that fluctuations of the rate are becoming more narrow, which means that in the near future a falling wedge may be formed.

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.