CNY/DKK Currency Pair Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Green day on Friday for CNY/DKK currency pair after gaining 0.300%
(Updated on Jun 14, 2024)
The CNY/DKK currency pair price gained 0.300% on the last trading day (Friday, 14th Jun 2024), rising from kr0.96 to kr0.96. During the last trading day the currency pair fluctuated 0.767% from a day low at kr0.96 to a day high of kr0.96. The price has risen in 5 of the last 10 days but is still down by -0.77% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 77 thousand more shares were traded than the day before. In total, 565 thousand shares were bought and sold for approximately kr542.87 thousand.
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 kr0.94 and kr0.98 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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CNYDKK Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). CNY/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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The CNY/DKK currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at kr0.96. On a fall, the currency pair will find some support from the short-term average at kr0.96. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Friday, June 07, 2024, and so far it has fallen -1.20%. Further fall is indicated until a new bottom pivot has been found. 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 kr0.96 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 kr0.0073 between high and low, or 0.767%. For the last week the currency pair has had daily average volatility of 1.04%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CNYDKK) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect CNY/DKK to open at kr0.96, and during the day (based on 14 day Average True Range), to move between kr0.95 and kr0.97, which gives a possible trading interval of +/-kr0.0120 (+/-1.25%) up or down from last closing price. If CNY/DKK takes out the full calculated possible swing range there will be an estimated 2.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr0.96 (0.29%) than the resistance at kr0.98 (1.74%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CNY/DKK currency pair A Buy?
CNY/DKK holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this currency pair.
Current score: -1.825 Sell Candidate Unchanged
Predicted Opening Price for CNY/DKK of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| kr0.96 ( 0.0149%) | kr0.96 |
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 | |
|---|---|---|
| R3 | 0.97 | 0.749% |
| R2 | 0.96 | 0.457% |
| R1 | 0.96 | 0.277% |
| Price | 0.96 | |
| S1 | 0.96 | -0.307% |
| S2 | 0.96 | -0.487% |
| S3 | 0.95 | -0.778% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.98 | 2.01% |
| R2 | 0.98 | 1.88% |
| R1 | 0.98 | 1.74% |
| Price | 0.96 | |
| S1 | 0.96 | -0.292% |
| S2 | 0.96 | -0.299% |
| S3 | 0.95 | -0.670% |
FAQ
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