U.S. Dollar / Danish Krone
6.39260DKKR
−0.00782−0.12%
As of today at 09:01 GMT
DKK
No trades
USDDKK trade ideas
Price reversal and breakout Long Idea USDDKKPrice has been in a long downtrend and finally hit a key weekly level. Price began to range and form a head and shoulders reversal pattern. Heat map indicates that we are looking for buys along with the recent strength of the USD. The Danish Krone is also pretty weak compared to the recently bullish dollar and is starting to sell off around its key level. The MACD is also showing strong momentum. Candlesticks indicate bullish price action along with 3 white soliders. Lastly, although I didn't bother to draw it, the previous rally retested at the 61.8% fib level. This is a crap TON of confluence! All of this points to a strong buy on this pair. We have to 2 entry options. We can buy on the breakout with a stop below the previous low or we can wait for a pullback to support after the breakout (my preference) if that occurs. Either way, it should be an explosive move. Good luck! Happy Trading.
USDDKK 11 SEPTEMBER 2020 2339 hoursTargets as per usual. Looks rangebound. Zoom out to the daily and you can see a recognizable down trend.
You can pretty much make out the distribution patterns on the 1 hour pretty well.. you can also see the accumulation and mark ups .. may have to drop to the 15 to make out the patterns for accumulation.
Will see what happens next week!
The improvement in Denmark’s unemployment rateThe pair will continue to move lower in the following days towards its September 2017 low. The improvement in Denmark’s unemployment rate will send the greenback to the $6.10 price level. Denmark posted a 5.1% unemployment rate in yesterday’s report which indicates the potential recovery of the country in the coming months. This positive data further made the US reports bleaker. Yesterday, the largest economy in the world posted two (2) important data that measures the country’s overall economic health. The second-quarter gross domestic product (GDP) QoQ report posted a 32.9% decline, the highest dropped in quarterly growth for almost a century. In addition to this, its initial jobless claims report added a bigger number of claimants at 1,434K. The plan to inject another $1 trillion stimuli to the local economy will not help either. The $6 trillion approved stimulus for COVID-19 has sent the US dollar to its lowest level in years.
USDDKK: Long opportunityFor some reason it won't let me draw trend lines on the RSI band. Looking to play off the bullish divergence established on the daily. There is decent support at the green line, which offers a good risk to reward. The overall trend is still downward, so I only plan to trade within the FIBS and take profits before the .382 or dead cat zone. Even if this range, the trade should still yield nice profits, as the final target is still over 1%. Don't get greedy without a take profit or trailing stop, it could easily knife back down at strong resistance.
USDDKK ForexHow's it going everyone. Long time no trade, it's been a while since I have traded kinda did not want to put money into the market if I do not have time for it but this seems like a pretty solid trade to long. Just gonna wait for the four hour confirmation to form and check other USD charts to see what is going on.
For now I am thinking to long but we will see. It is currently on a double bottom, divergence seems solid, and it is sitting on reliable support. Let me know what you guys think.
~JS
