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USD/DKK 1H Chart: Bears could prevail in market

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)SellSellNeutral
SAR(0.02;0.2)BuySellBuy
Aggregate⇒⇘⇗

[ANNOUNCE] The USD/DKK currency pair has been trading downwards within a descending channel since the end of May. The pair has already declined to the 6.7000 level. [/ANNOUNCE] 

Given that the exchange rate is pressured by the 200-hour moving average near 6.6590, it is likely that some downside potential could continue to prevail in the market. In this case the rate could decline to the Fibo 50.00% at 6.4753. 

Meanwhile, note that the currency pair could gain support from the monthly S2 at 6.5361. If the given support holds, it is likely that a reversal north could occur and the pair could raise to the Fibo 23.60% at 6.7528.

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