USD/DKK 1H Chart: Rising wedge pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Wed, 13 May 2020 11:53:19 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 USD/DKK exchange rate has been trading within a rising wedge pattern since the end of March.  

From a theoretical perspective, it is likely that the currency pair could continue to trade within the given pattern until the middle of March. Then, it is likely that the pair could breach the given pattern south. 

However, note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages. Thus, a breakout south could occur sooner, and the rate could decline to the monthly S3 at 6.5471.


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