USD/DKK is having a good bull run since the beginning of May. The pair has been in an uptrend since 6.4055 and is currently trading at 6.7245. It made a high of 6.8131 on the day of the Brexit and although it has been downgraded, USD/DKK is still looking strong and has the momentum to go beyond the resistance.
Major resistance is seen 6.80 which also appears to be the meet up point of two trading channels - the long-term downtrend and short-term uptrend (as seen on the chart below).
Another factor that plays a role in this case is the 200SMA or more importantly - the pair's flat trading on it.
Chart: USD/DKK D1
In the short-term is going sideways.
ReplyDeleteGreat post as always.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteUseful analysis!
ReplyDeleteThank you for the analysis.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteVery interesting! Thanks!
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