By Natalie R. – Following a strong bearish streak versus the USD over the past week, the DKK has begun a modest correction versus the greenback and it looks like the trend is likely to continue further.
Below is the daily chart of USD/DKK. The technical indicators are the RSI, Slow Stochastic and Williams Percent Range.
– A breach of the upper Bollinger Band is evident on the chart (1), indicating the downward correction is expected to continue further.
– A bearish cross is evident on the Slow Stochastic (2), signaling the next move may be a downward correction.
– The RSI (3) signals that the price of this pair is floating in the overbought territory, suggesting downward pressure.
– Williams Percent Range (4) further supports the downward direction as it is still near the upper limit.
Forex Market Analysis provided by ForexYard.
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