USD/DKK: sell target - 6.500
By: Dima Chernovolov
- USD/DKK broke multiple support levels
- Next sell target - 6.500
USD/DKK has been falling sharply in the last few trading sessions inside the strong intermediate (C)-wave - which is a part of the primary ABC correction ④ from the middle of March. The active (C)-wave started from the resistance level 7.100 (which was set as the buy target in our earlier forecast for this pair). The price then broke through the support trendline of the daily up channel from December, the support level 6.900 (low of previous impulse 1), the support level 6.800 (low of wave B) and most recently through the support level 6.700 (former strong resistance from January).
USD/DKK is likely to fall further toward the next sell target at 6.500 (strong support from February, 50% Fibonacci correction of earlier upward impulse from December).