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USD/DKK Technical Analysis - USD/DKK Trading: 2022-01-18
USD/DKK Technical Analysis Summary
Below 6.48
Sell Stop
Above 6.62
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
USD/DKK Chart Analysis
USD/DKK Technical Analysis
On the daily timeframe, USDDKK: D1 exited the triangle and broke down the uptrend support line. A number of technical analysis indicators formed signals for further decline. We do not rule out a bearish movement if USDDKK: D1 falls below the latest low and lower Bollinger band: 6.48. This level can be used as an entry point. The initial risk limit is possible above the last 3 upper fractals, the upper Bollinger band and the Parabolic signal: 6.62. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal maximum. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (6.62) without activating the order (6.48), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - USD/DKK
Denmark released positive economic data. Will the decline in USDDKK quotes continue?
The downward movement means the Danish krone is strengthening against the US dollar. In November, Denmark's trade balance and current account balance increased, as well as increased industrial production. In addition, inflation in December fell to 3.1% y/y from 3.4% in November. In addition, the strengthening of the Danish krone may contribute to the dissatisfaction of the authorities with negative rates on deposits. Theoretically, this could be followed by their increase. Now the deposit rate Danmarks Nationalbank (Danish Central Bank) is -0.6%. The Danish Financial Supervisory Authority believes that the negative rates are unreasonable fees for banking services and has addressed the issue to the European Commission. Recall that negative rates on deposits in Denmark have been in effect since 2012. Another positive for the crown could be the lifting of a significant part of the anti-coronavirus restrictions in Denmark.
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