USD/DKK 1H Chart: Short-term decline expected - Trade Pattern Ideas - Dukascopy Bank

Wed, 01 May 2019 10:48:40 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate

The US Dollar continued to appreciate against the Danish Krone within the medium-term ascending channel. Last week, the currency pair reversed south from the upper channel boundary at 6.7200.  

From a theoretical perspective, it is expected, that some downside potential could prevail in the market, as the pair should reach the lower channel line located in the 6.6000/6.6200 range.  

However, the rate has to surpass the support level formed by the Fibonacci 0.00% retracement at 6.5976. If the given support holds, it is expected, that the rate reverses north to re-test the upper channel line.


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