USDDKK trade ideas
DANISH KRONE ....selling for short term selling toward 6.41 but after that on that place it will go upside
USD/DKK 4H Chart: Channel DownUSD/DKK 4H Chart: Channel Down
The American Dollar is losing value against the Danish Krone in a three week long descending channel.
Formation of the pattern began shortly after the Greenback depreciated by 1.55% on June 27.
In the second half of the yesterday’s trading session the currency exchange rate has bounced off from the channel’s bottom trend-line, which was additionally protected by the weekly S2 at 6.4315.
Most probably, and impulse given by this combined support level will be strong enough to guide the pair though the weekly S1 at 6.4585.
Unless no fundamental events will happen, the surge is expected to continue until the pair reaches a combined resistance level, which will be set up by that time by the 55-period SMA and the weekly PP at 6.4996.
USD/DKK 1H Chart: Falling WedgeThe US Dollar has been weakening against the Danish Krone since February, thus forming a falling wedge. The given pattern has been valid for several months now, which indicates that its maturity may be reached soon. This assumption is supported by the fact that the US Dollar is gradually moving towards a two-year low at 6.4040. This level may eventually turn into a point of reversal, thus setting the Greenback towards the upper channel boundary. Taking into account the fact that falling wedge is a continuation patter, the rate may not halt at the upper channel boundary, but instead continue to edge even higher. Immediate support is provided by the aforementioned low, while resistance is set by the monthly S1 at 6.4413.
Trend Continuation likely as USDDKK nears resistance zoneUSDDKK nears the bottom of a long term channel on the weekly chart.
USD/DKK 1D Chart: Channel DownThe American Dollar is losing value against the Danish Krone in a medium-term descending channel. Formation of the channel began after the currency pair broke the support line of the preceding long-term descending channel in the result of the sharp depreciation of the Dollar between May 11 and 16.
By this moment, the rate has made two confirmations from the top and only one from the bottom, which means that the pattern has not reached the maturity yet. From a technical perspective, the slip to the bottom boundary of the pattern is expected to follow.
However, the first days of July or the last two green candles showed that the pair has made a premature rebound. If the next two-three days will attest this transformation, it would be possible to consider falling wedge, as a new guiding pattern.
But such scenario is doubtful because if the pair managed to rebound without any meaningful barriers on its way, then even more it has to bounce off from the combined resistance level set up by the weekly and monthly PP at 6.5546 and 6.5659. In such situation two scenarios are likely to follow.
If it succeeds to bypass this barrier, that in accordance with the characteristics of the falling wedge and taking into account the way the pair moved previously, it is expected to break though the upper trend-line of the channel somewhere in the second half of July.
If a correction occurs and it fails to break through this cellar, the rate is expected to drop until the bottom trend-line of the channel, which is supported by the combination of the monthly and weekly S1 at 6.4526 and 6.4413. In this case, a rebound is expected to follow as well. Firstly, because the pressure coming from this support level is quite strong. Secondly, because this contact will represent only second confirmation point. And, usually, we need at least two reaction highs and lows to only confirm an existence of the channel (not speaking about its upcoming breaking).
massive longterm setup on USD DKKUSD DKK coming to the end of its downside. good oppertunity for a massive long.
if it does break the box it will give new opportunities to continue shorting
enjoy and good luck
Possible Elliot Triple Combo formation occurance on USD/DKKAs you can see in the 1 hr timeframe, you'll see a downward trend emerging in a WXYXZ pattern with the Z hopefully play part in the formation.
Also drawn on the chart was a green support zone which indicates the market moving to the uptrend as the previous candles are touching this support line approximately 4-5 times.
This gives me enough indication that the market will hit to the upward and rally on until it hits the Z formation of the pattern and begins to downtrend to continue on the pattern merged previously.
SL and Take Profits are all listed.
USDDKK LONGHey guys!
So this pair is seeing a bounce off of its 133 day regression line (and, coincidentally, a short term support line) and so I'm long to 6.88.
Cheers!
AW
USDDKK Good Time For ShortAHTKPTS Believe USDDKK is like A+ Trade Set up.AHTKPTS Suggest u to open your trade here.This is good time for short.But always follow good money management.Trade with care.
bullish patterncheck rsi
creation of short position in an hour (entry level 6.91580)
green line take profit
bullish pattern
Finding Support Before Going LongI'm pretty strong believer that we are going to see a third touch on the upper trend line. It does feel like it has found support already on the 55MA and 10EMA, but be aware it might go down and touch the bottom support, before going up.
