AED/DKK Currency Pair Forecast
AED/DKK currency pair downgraded to Hold/Accumulate
(Updated on May 08, 2024)
The AED/DKK currency pair price gained 0.0723% on the last trading day (Wednesday, 8th May 2024), rising from kr1.89 to kr1.89. During the last trading day the currency pair fluctuated 0.145% from a day low at kr1.89 to a day high of kr1.89. The price has risen in 6 of the last 10 days but is still down by -0.14% for this period. Volume fell on the last day by -6 shares and in total, 51 shares were bought and sold for approximately kr96.32 . You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect AED/DKK currency pair with a 90% probability to be traded between kr1.85 and kr1.93 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AEDDKK Signals & Forecast
There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -0.653%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The AED/DKK currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at kr1.89 and kr1.88. A breakdown below any of these levels will issue sell signals. The currency pair had a Golden Star Signal on Wednesday, April 03, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, March 20, 2024.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Wednesday, April 03, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, March 20, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Wednesday, April 03, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, March 20, 2024.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
A sell signal from a double top formation was found on Tuesday, April 16, 2024 and based on theory for this formation the price should fall by -3.89% to kr1.82 within 2 trading days since signal was issued (Thursday, May 09, 2024).
Support, Risk & Stop-loss for AED/DKK currency pair
AED/DKK finds support from accumulated volume at kr1.89 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved kr0.0027 between high and low, or 0.145%. For the last week the currency pair has had daily average volatility of 1.10%
Our recommended stop-loss: kr1.82 (-3.74%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 6 days ago.)
Trading Expectations (AEDDKK) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect AED/DKK to open at kr1.89, and during the day (based on 14 day Average True Range), to move between kr1.86 and kr1.91, which gives a possible trading interval of +/-kr0.0246 (+/-1.30%) up or down from last closing price. If AED/DKK takes out the full calculated possible swing range there will be an estimated 2.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr1.89 (0.17%) than the resistance at kr1.89 (0.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is AED/DKK currency pair A Buy?
AED/DKK holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.413 Hold/Accumulate Downgraded
Predicted Opening Price for AED/DKK of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| kr1.89 ( 0.0048%) | kr1.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AEDDKK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.89 | 0.150 % | |
| R2 | 1.89 | 0.0944 % | ||
| R1 | 1.89 | 0.0602 % | ||
| Current price: | 1.89 | |||
| Support | S1 | 1.89 | -0.0507 % | |
| S2 | 1.89 | -0.0849 % | ||
| S3 | 1.89 | -0.140 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1.91 | 1.21 % | |
| R2 | 1.90 | 0.437 % | ||
| R1 | 1.89 | 0.195 % | ||
| Current price | 1.89 | |||
| Support | S1 | 1.89 | -0.170% | |
| S2 | 1.88 | -0.345% | ||
| S3 | 1.85 | -1.81% |
FAQ
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