Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

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).

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