By Anton Eljwizat – A bullish move in 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 during the day. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?
• Below is the 8-hour chart of the USD/DKK currency pair.
• The technical indicators that are used are the Williams Percent Ranges, Relative Strength Index (RSI), and Stochastic Slow.
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 3: The Williams Percent Ranges signals further bearishness for the pair, which in turn indicates further downward pressure to occur anytime soon.
USD/DKK 8-Hour Chart
Forex Market Analysis provided by ForexYard.
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