BGN/DKK Currency Pair Forecast
Green day on Friday for BGN/DKK
(Updated on May 17, 2024)
The BGN/DKK currency pair price gained 0.389% on the last trading day (Friday, 17th May 2024), rising from kr3.80 to kr3.81. During the last trading day the currency pair fluctuated 0.525% from a day low at kr3.80 to a day high of kr3.82. The price has risen in 7 of the last 10 days and is up by 0.53% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 9 more shares were traded than the day before. In total, 32 shares were bought and sold for approximately kr122.07 .
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at kr3.82 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect BGN/DKK currency pair with a 90% probability to be traded between kr3.80 and kr3.82 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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BGNDKK Signals & Forecast
Mostly positive signals in the chart today. The BGN/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 kr3.80 and kr3.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Sunday, April 28, 2024, and so far it has risen 0.554%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). BGN/DKK has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Tuesday, May 07, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, April 10, 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 Tuesday, May 07, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, April 10, 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 Tuesday, May 07, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Wednesday, April 10, 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 buy signal from a double bottom formation was found on Sunday, April 28, 2024 and based on theory for this formation the price should go up by 0.550% to kr3.84 within 22 trading days since signal was issued (Monday, May 20, 2024).
Support, Risk & Stop-loss for BGN/DKK currency pair
BGN/DKK finds support from accumulated volume at kr3.80 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 with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved kr0.0199 between high and low, or 0.525%. For the last week the currency pair has had daily average volatility of 0.214%.
Our recommended stop-loss: kr3.58 (-6.10%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (BGNDKK) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect BGN/DKK to open at kr3.81, and during the day (based on 14 day Average True Range), to move between kr3.81 and kr3.82, which gives a possible trading interval of +/-kr0.0067 (+/-0.18%) up or down from last closing price. If BGN/DKK takes out the full calculated possible swing range there will be an estimated 0.35% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ kr3.80, some kr0.0146 (0.38%) from the current price of kr3.81, our system finds the risk reward attractive.
Is BGN/DKK currency pair A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for BGN/DKK currency pair to perform well in the short-term period.
Current score: 3.779 Buy Candidate Unchanged
Predicted Opening Price for BGN/DKK of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| kr3.81 ( 0.165%) | kr3.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BGNDKK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.83 | 0.357 % | |
| R2 | 3.82 | 0.157 % | ||
| R1 | 3.82 | 0.0343 % | ||
| Current price: | 3.81 | |||
| Support | S1 | 3.80 | -0.364 % | |
| S2 | 3.80 | -0.488 % | ||
| S3 | 3.79 | -0.687 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 3.81 | |||
| Support | S1 | 3.80 | -0.384% | |
| S2 | 3.80 | -0.478% | ||
| S3 | 3.80 | -0.479% |
FAQ
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