CNY/DKK Currency Pair Forecast
Green day on Wednesday for CNY/DKK
(Updated on May 22, 2024)
The CNY/DKK currency pair price gained 0.294% on the last trading day (Wednesday, 22nd May 2024), rising from kr0.97 to kr0.97. During the last trading day the currency pair fluctuated 1.01% from a day low at kr0.96 to a day high of kr0.97. The price has fallen in 6 of the last 10 days but is still up by 1.26% over the past 2 weeks. Volume fell on the last day by -151 shares and in total, 733 shares were bought and sold for approximately kr712.45 . 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 CNY/DKK currency pair with a 90% probability to be traded between kr0.96 and kr1.00 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CNYDKK Signals & Forecast
The CNY/DKK currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the currency pair has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at kr0.96 and kr0.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 2.42%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 currency pair had a Golden Star Signal on Wednesday, April 10, 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 Wednesday, April 10, 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 Wednesday, April 10, 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 sell signal from a double top formation was found on Friday, April 26, 2024 with a target of kr0.98. Despite whether the objective of the signal formation has been reached the currency pair may continue to fall.
Support, Risk & Stop-loss for CNY/DKK currency pair
CNY/DKK finds support from accumulated volume at kr0.95 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 kr0.0097 between high and low, or 1.01%. For the last week the currency pair has had daily average volatility of 0.88%
Our recommended stop-loss: kr0.92 (-5.37%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (CNYDKK) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect CNY/DKK to open at kr0.97, and during the day (based on 14 day Average True Range), to move between kr0.96 and kr0.98, which gives a possible trading interval of +/-kr0.0117 (+/-1.21%) up or down from last closing price. If CNY/DKK takes out the full calculated possible swing range there will be an estimated 2.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr0.98 (0.49%) than the support at kr0.95 (1.88%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is CNY/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 CNY/DKK currency pair to perform well in the short-term period.
Current score: 1.599 Buy Candidate Unchanged
Predicted Opening Price for CNY/DKK of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| kr0.97 ( 0.329%) | kr0.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CNYDKK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.98 | 0.667 % | |
| R2 | 0.97 | 0.287 % | ||
| R1 | 0.97 | 0.0519 % | ||
| Current price: | 0.97 | |||
| Support | S1 | 0.97 | -0.709 % | |
| S2 | 0.96 | -0.94 % | ||
| S3 | 0.96 | -1.32 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.98 | 0.760 % | |
| R2 | 0.98 | 0.638 % | ||
| R1 | 0.98 | 0.495 % | ||
| Current price | 0.97 | |||
| Support | S1 | 0.95 | -1.88% | |
| S2 | 0.95 | -2.15% | ||
| S3 | 0.95 | -2.31% |
FAQ
Click here for our free guide on how to buy CNY/DKK Currency pair.
