Currency Analyst since 2010

USD/DKK: technical analysis

Dima Chernovolov

• USD/DKK reversed from support zone

• Next buy target - 6.700

USD/DKK recently reversed up from the support zone lying between the support level 6.500 (which also earlier reversed the price strongly at the start of this month – forming two consecutive daily Japanese candlestick reversal patterns – Bullish Engulfing) and the 38.2% Fibonacci Retracement of the previous sharp minor impulse wave 5 of the intermediate impulse (3). The latest upward reversal from this support zone completed the second minor correction 2 of the active intermediate impulse wave (5).

With the daily RSI and Stochastic indicators still trading in the neutral zone and the pair moving midway between the upper and the lower daily Bollinger Bands, USD/DKK will most likely continue to rise in the nearest time toward the next buy target at 6.700 (top of previous impulse (3)).

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