DKK/TRY Currency Pair Forecast

High volatility in DKK/TRY currency pair price on Monday which ended trading at TRY 4.71
(Updated on Jun 03, 2024)

DKKTRY Signals & Forecast

The DKK/TRY 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 TRY 4.67 and TRY 4.19. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). DKK/TRY 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. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -1.01%. Further fall is indicated until a new bottom pivot has been found. The currency pair had a Golden Star Signal on Wednesday, May 01, 2024 in the short-term chart.

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.

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

DKK/TRY finds support from accumulated volume at TRY 4.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This currency pair may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this currency pair is considered to be "very high risk". During the last day, the currency pair moved TRY 468,203,645.98 between high and low, or 10,036,197,192.74%. For the last week, the currency pair has had daily average volatility of 2,007,239,439.47%.

The DKK/TRY currency pair is extremely overbought on RSI14 (96). Normally this may pose a good selling opportunity but since the currency pair has broken the trend up, the chance for a major correction due to high RSI is very small as the currency pair will find support at the trend broken.

Our recommended stop-loss: TRY 4.56 (-3.16%) (This currency pair has very high daily movements and this gives very high risk. The RSI14 is 96 and this increases the risk substantially. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (DKKTRY) For The Upcoming Trading Day Of Tuesday 4th

For the upcoming trading day on Tuesday, 4th we expect DKK/TRY to open at TRY 156,067,886.67, and during the day (based on 14 day Average True Range), to move between -TRY 33,443,113.13 and TRY 33,443,122.54, which gives a possible trading interval of +/-TRY 33,443,117.84 (+/-710 793 032.86%) up or down from last closing price. If DKK/TRY takes out the full calculated possible swing range there will be an estimated 1 421 586 065.72% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at TRY 4.71 (0.08%) than the support at TRY 4.65 (1.17%), 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/TRY currency pair A Buy?

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.

Current score: 3.042 Buy Candidate Unchanged

Predicted Opening Price for DKK/TRY of Tuesday, June 4, 2024

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