FxNews—The American currency bounced from the 6.65 support (September 25 Low) against the Danish Krone, trading at approximately 6.68 at the time of writing.
The USD/DKK 4-hour chart below demonstrates the price, key support and resistance levels, and the technical indicators utilized in today’s analysis.
USDDKK Technical Analysis – 30-September-2024
The primary trend is bearish because the USD/DKK price is below the 50- and 100-period simple moving averages. However, the 4-hour chart clearly shows that the currency pair has been moving sideways in a narrow range between 6.65 and 6.7 (September 6 Low) since September 19.
This movement was predicted by the Awesome oscillator’s divergence signal, as shown in the image above. The RSI 14 also moves alongside the median line, indicating a low-momentum market.
Overall, the technical indicators suggest the primary trend is bearish, but the market lacks momentum, and the price consolidates below the 100-SMA.
USDDKK Forecast – 30-September-2024
The immediate support keeping the USD/DKK price from falling further is 6.65 (the September 25 Low). The downtrend will likely resume if the bears manage to close and stabilize the USD/DKK exchange rate below 6.65.
If this scenario unfolds, the next bearish target can be the July 2023 low at 6.608. Please note that the bear market should be invalidated if the USD/DKK price exceeds the September 25 high at 6.70.
- Also read: USD/SGD Forecast – 30-September-2024
USDDKK Bullish Scenario – 30-September-2024
The key resistance level lies at 6.70. If the bulls (buyers) cross the USD/DKK price above the 6.70 mark, the uptick momentum began from 6.65 could extend to the next resistance level at 6.74 (September 19 High
USDDKK Support and Resistance Levels – 30-September-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 6.65 / 6.608
- Resistance: 6.70 / 6.74 / 6.78