INR/DKK Currency Pair Forecast

INR/DKK currency pair downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on May 30, 2024)

INRDKK Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.554%. 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. The INR/DKK currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at kr0.0828 and kr0.0831. A break-up above any of these levels will issue buy signals. INR/DKK gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

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

INR/DKK finds support from accumulated volume at kr0.0826 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 kr0.0004 between high and low, or 0.493%. For the last week the currency pair has had daily average volatility of 0.441%.

Our recommended stop-loss: kr0.0786 (-4.89%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 35 days ago.)

Trading Expectations (INRDKK) For The Upcoming Trading Day Of Friday 31st

For the upcoming trading day on Friday, 31st we expect INR/DKK to open at kr0.0827, and during the day (based on 14 day Average True Range), to move between kr0.0822 and kr0.0831, which gives a possible trading interval of +/-kr0.0004 (+/-0.50%) up or down from last closing price. If INR/DKK takes out the full calculated possible swing range there will be an estimated 1.00% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at kr0.0826 (0.03%) than the resistance at kr0.0831 (0.57%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is INR/DKK currency pair A Buy?

INR/DKK holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.484 Hold/Accumulate Downgraded

Predicted Opening Price for INR/DKK of Friday, May 31, 2024

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