USD/DKK Currency Pair Forecast
USD/DKK currency pair price up 0.297% on Wednesday
(Updated on May 22, 2024)
The USD/DKK currency pair price gained 0.297% on the last trading day (Wednesday, 22nd May 2024), rising from kr6.87 to kr6.89. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 0.0065% from a day low at kr6.89 to a day high of kr6.89. The price has been going up and down for this period, and there has been a -0.67% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 more shares were traded than the day before. In total, 3 shares were bought and sold for approximately kr20.68 .
The currency pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at kr6.86 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect USD/DKK currency pair with a 90% probability to be traded between kr6.96 and kr7.16 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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USDDKK Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 0.542%. Further rise is indicated until a new top pivot has been found. USD/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. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The USD/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 kr6.95. On a fall, the currency pair will find some support from the short-term average at kr6.87. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for USD/DKK currency pair
USD/DKK finds support from accumulated volume at kr6.88 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 0.0065%. For the last week the currency pair has had daily average volatility of 0.0861%.
Our recommended stop-loss: kr6.46 (-6.23%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (USDDKK) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect USD/DKK to open at kr6.89, and during the day (based on 14 day Average True Range), to move between kr6.87 and kr6.91, which gives a possible trading interval of +/-kr0.0196 (+/-0.28%) up or down from last closing price. If USD/DKK takes out the full calculated possible swing range there will be an estimated 0.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr6.90 (0.06%) than the support at kr6.88 (0.17%), 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 USD/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 USD/DKK currency pair to perform well in the short-term period.
Current score: 1.045 Buy Candidate Unchanged
Predicted Opening Price for USD/DKK of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| kr6.89 ( 0.0022%) | kr6.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USDDKK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.90 | 0.0087 % | |
| R2 | 6.89 | 0.0062 % | ||
| R1 | 6.89 | 0.0047 % | ||
| Current price: | 6.89 | |||
| Support | S1 | 6.89 | -0.0003 % | |
| S2 | 6.89 | -0.0019 % | ||
| S3 | 6.89 | -0.0044 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.01 | 1.68 % | |
| R2 | 7.00 | 1.56 % | ||
| R1 | 6.90 | 0.0576 % | ||
| Current price | 6.89 | |||
| Support | S1 | 6.88 | -0.174% | |
| S2 | 6.88 | -0.269% | ||
| S3 | 6.81 | -1.17% |
FAQ
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