By Anton Eljwizat – Last week’s bullish movement of the USD/DKK cross hasn’t received much support as of late. Below I will demonstrate that the USD/DKK pair has already commenced a downward trend for today, and the cross may tumble another 200-300 pips in the coming 2 days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at this most recent price?
• The technical indicators that are used are the Relative Strength Index (RSI), Stochastic Slow and MACD.
• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 2: : The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
USD/DKK Daily Chart
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