DKK/MXN Currency Pair Forecast

Stronger technical forecast for DKK/MXN currency pair price after Wednesday trading.
(Updated on Jul 03, 2024)

DKKMXN Signals & Forecast

The DKK/MXN 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 $2.63. On a fall, the currency pair will find some support from the long-term average at approximately $2.56. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 12, 2024, and so far it has fallen -3.19%. 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 along with the price during the last trading day, which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for DKK/MXN currency pair

DKK/MXN finds support from accumulated volume at $2.61 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 $0.0179 between high and low, or 0.683%. For the last week the currency pair has had daily average volatility of 1.31%

Our recommended stop-loss: $2.50 (-4.95%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 33 days ago.)

Trading Expectations (DKKMXN) For The Upcoming Trading Day Of Friday 5th

For the upcoming trading day on Friday, 5th we expect DKK/MXN to open at $2.63, and during the day (based on 14 day Average True Range), to move between $2.47 and $2.79, which gives a possible trading interval of +/-$0.158 (+/-5.99%) up or down from last closing price. If DKK/MXN takes out the full calculated possible swing range there will be an estimated 11.98% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $2.63 (0.16%) than the support at $2.61 (0.87%), 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 DKK/MXN currency pair A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for DKK/MXN currency pair to perform well in the short-term. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 2.849 Buy Candidate Upgraded

Predicted Opening Price for DKK/MXN of Friday, July 5, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.