USDDKK OverviewMonthly - Price hitting MA congestion
Weekly - Price nearing weekly resistance
Daily - Watch out for a break of previous day's low.
Hourly - Lookout for a reversal signal
USDDKK trade ideas
USD/DKK 1H Chart: Greenback trades in line with patternUSD/DKK has been trading in an ascending channel for the last five weeks, thus breaching a dominant senior channel along the way in early May. The latest test of this junior pattern occurred on Monday when the pair reversed from the weekly S1 and the senior channel near 6.21.
From theoretical point of view, the pair might still realise the existing upside potential until the upper boundary of this medium-term channel and the weekly R3 at 6.3670. Even though technical indicators are currently located in the overbought territory, technical signals for the following session are still bullish.
If looking from the weekly perspective, the US Dollar is expected to reverse from the 6.36 area and begin edging lower until the bottom channel line somewhere in the 6.28/30 range.
USD/DKK 4H Chart: Ascending triangle dominatesThe 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 6.1169 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 6.1169. 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 6.20 area.
USDDKK bearish trend with SL and TPIt is update to me previous idea about this pair. Similar patter appeared on the chart on 4h chart. GAP's lime rectangles are based on the weekly chart and are acting as strong support areas. Pair is trading below 200 ema which is good bearish signal. USDDKK -0.14% is trading in channel for time being and my TP is set based on it.
I will be watching this pair if it will reach one of the borders of the channel.
USDDKK bearish trend It is update to me previous idea about this pair. Similar patter appeared on the chart on 4h chart. GAP's lime rectangles are based on the weekly chart and are acting as strong support areas. Pair is trading below 200 ema which is good bearish signal. USDDKK is trading in channel for time being and my TP is set based on it.
I will be watching this pair if it will reach one of the borders of the channel.
THE PRECIOUS METAL BULL MARKET & USD/DKK CORRELATION. USD/DKK like EUR/USD are at a critical juncture. The Breakout below the line confirms a precious metal rally in the coming years. My study are driven by correlation with other forex exchange. All the USD are predicting a collapse of the dollar. The cycle started at the end of 2015. It will end around 2025-2026. I will post more in the coming days.
USD/DKK BREAKOUT PULLBACK LONG SETUP AFTER DOUBLE BOTTOM I missed this double bottom, however, it appears that the break of the top of the channel has caused a pullback setup.
USDDKK Long at 6.0000USDDKK is doing a liquidity grab to the 6.0000 price zone where there are trap orders. It will exploit the 200 EMA and bounce up for an uptrend.
Greenback is getting some strength against danish kroneI see an initial sign of dollar getting some strength. As you can see here from weekly chart of USDDKK, a RSI divergence is now observed, indicating the bull is about to take control. And if you pull the Fibonacci extension tool, current price is testing the 0.382 support line, which seems to be a short term resistance observed on week of 8th December 2014. If the retracement indeed happened, I would target the profit to be somewhere around 6.2 level, which was the previous resistance line.
Trade with care and only enter the trade when you see a clear signal.
USDDKK Downtrend should continueIt is not much here on the chart. What I found is that top of the upside down head and shoulders formation touches the lowest lows from last 2 years May 2016 and August 2015. Those two lows created very strong support/resistance area. Pair is rejected perfectly from this level.
From my experience Upside down head and shoulder formations are very good sign suggesting further trend continuation witch is downtrend on our chart.
TI would set TP are close to 6.00 and SL just above head.
... if pair will consolidate for some time I suspect that 200 ema will push pair lower
USDDKK Head and ShouldersThere is a Reverse Head and Shoulders pattern in the USDDKK. This could be confirmed by breaking through the neckline
USD/DKK 1H Chart: Rate could edge lower in short termThe US Dollar has been stranded in a channel up against the Danish Krone for the last three months. If looking at the pair’s movement this month, two additional channels can be distinguished. The senior one has guided the pair towards the bottom boundary of the aforementioned dominant pattern circa 6.28. From that point forward, a junior ascending channel was formed.
A retracement from the 6.28 area suggests that the pair might be set for appreciation in the medium term. However, in order to do so, the Greenback has to breach the upper line of the middle pattern, reinforced by the 200-hour SMA and the monthly PP in the 6.36/37 area.
It is likely that the pair pushes up to this mark within the following trading sessions, but the subsequent movement should nevertheless be to the downside where it could test the most senior pattern and the monthly S1 circa 6.29/30. The pair should then resume its general direction north.
USDDKK long for month of NovemberUSDDKK broke the moving average, suggesting a potential trend change. This in tandem with October's monthly bull candle gives me enough reason to believe an up trend is about to begin.
My orders are placed at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6. and 0.0.
Each order contains a 30 pip stop loss and no take profit target.
These trades are designed to have 3 different exit strategies: 1) Stop out. 2) Manual closure. 3) End of month manual closure.
* End of month manual closure means that the month is over and trade parameters are no longer valid, therefore I will close the trades manually.
Long USDDKKSince last month's candle was a bull candle, I am looking for bull moves on the daily time frame such as this one.
Price broke through the moving average. This suggests a possible move even lower.
My pending orders sit at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6, 0.0.
Each order has a stop loss of 30 pips. Risk is less than 2% per trade.
No take profit target is set for this trade. The ways in which I will exit the trade is by stop out, manually closing at my discretion, or holding until the end of the month.
