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Markets

USD/DKK Reversal in the Works

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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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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