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
CNY/DKK currency pair upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 21, 2024)
The CNY/DKK currency pair price gained 0.0656% on the last trading day (Friday, 21st Jun 2024), rising from kr0.96 to kr0.96. During the last trading day the currency pair fluctuated 0.488% from a day low at kr0.96 to a day high of kr0.96. The price has risen in 6 of the last 10 days but is still down by -1.17% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 554 thousand more shares were traded than the day before. In total, 555 thousand shares were bought and sold for approximately kr532.78 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
Mostly positive signals in the chart today. The CNY/DKK currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately kr0.96. On a fall, the currency pair will find some support from the long-term average at approximately kr0.96. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 0.335%. 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). 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. 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 buy signal from a double bottom formation was found on Monday, June 03, 2024 and based on theory for this formation the price should go up by 1.17% to kr0.97 within 4 trading days since signal was issued (Friday, June 07, 2024).
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 kr0.0047 between high and low, or 0.488%. For the last week the currency pair has had daily average volatility of 0.409%.
Our recommended stop-loss: kr0.91 (-5.73%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (CNYDKK) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th 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 +/-kr0.0116 (+/-1.20%) 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 support from accumulated volume at kr0.96 (0.03%) than the resistance at kr0.98 (1.71%), 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?
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. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Buy candidate.
Current score: 2.279 Buy Candidate Upgraded
Predicted Opening Price for CNY/DKK of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| kr0.96 ( 0.0323%) | 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 | 0.96 | 0.454% |
| R2 | 0.96 | 0.268% |
| R1 | 0.96 | 0.153% |
| Price | 0.96 | |
| S1 | 0.96 | -0.218% |
| S2 | 0.96 | -0.333% |
| S3 | 0.96 | -0.519% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.98 | 1.98% |
| R2 | 0.98 | 1.85% |
| R1 | 0.98 | 1.71% |
| Price | 0.96 | |
| S1 | 0.96 | -0.0302% |
| S2 | 0.96 | -0.282% |
| S3 | 0.96 | -0.334% |
FAQ
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