USD/DKK 4H Chart: Ascending triangle dominates

Source: Dukascopy Bank SA

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

The US Dollar has been trading in a long-term descending channel against the Danish Krone in force since late 2016. The pair's neat movement in this channel was disrupted in January when a reversal to the upside occurred without the pair reaching its bottom boundary. 

The Greenback has since been moving in a slight up-trend, but it has nevertheless failed to overcome the 6.1150 mark. As a result, an ascending triangle was formed. 

If looking at the pair's movement during the past few weeks, the Greenback has reversed from the trend-line, breached the senior channel and has been gradually moving towards its four-month high of 6.1150. It is likely that the current bullish momentum prevails during the following weeks and pushes the rate for new highs. A possible target for the following week or two could be the 6.15/20 area.

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