USD/DKK 1H Chart: Falling wedge pattern in sight

Indicator 4H 1D 1W
MACD(12;26;9) Buy Sell Buy
RSI(14) Neutral Neutral Neutral
Stochastic(5;3;3) Neutral Sell Neutral
Alligator(13;8;5) Buy Neutral Buy
SAR(0.02;0.2) Buy Buy Sell
Aggregate

The US Dollar has been depreciating against the Danish Krone since the beginning of October within the falling wedge pattern. Currently, the USD/DKK currency pair is testing the upper pattern line at 6.7700.

From a theoretical point of view, it is likely that some downside potential could prevail in the market, as the exchange rate should target the lower pattern line located circa the 6.6600 mark. If the given pattern holds, the general direction is expected to remain south in the medium term.

However, note that the currency pair is supported by the 55-, 100- and 200-hour SMAs, currently located in the 6.7236/6.7533 are. Thus, the pair could breach the given pattern north and extend gains in the nearest future. A possible upside target is the psychological level at 6.8600.

      

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