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USDDKK Forecast – February-6-2024

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The USDDKK (U.S Dollar vs Danish Krone) trades close to the 6.9 resistance in today’s trading session. The pair has a slight pullback from the resistance, and the price is 6.949 at the time of writing.

The trend seems bullish, with the RSI and awesome oscillator indicators hovering above the signal line. However, the 6.9 acts as a hurdle that might halt further increases in the pair’s price. The 50% Fibonacci retracement level further supports this resistance area, making it stronger.

USDDKK Forecast

USDDKK Forecast Daily Chart

USDDKK Forecast: 4-Hour Chart Analysis

We should zoom into the USDDKK 4-hour chart to better understand the pair’s price action and what might be next.

The 4-hour chart provided us with new data. The pair is trading in the bullish flag, testing the 6.9 resistance as mentioned in the pair’s daily technical analysis. However, the RSI indicator is returning from the 70 level, and the Awesome oscillator bars have turned green, which could signal an imminent pullback or start of a consolidation phase.

USDDKK Forecast

USDDKK Forecast 4-Hour Chart

In addition, the 4-hour chart formed a doji candlestick pattern, suggesting another correction might be on the horizon. From a technical standpoint, if the USDDKK price maintains a position below the 6.9 resistance or the 50% level of the Fibonacci, it might decline to 6.8 support, the lower band of the bullish flag.

Conversely, if the bulls close above the 6.9 resistance, the road to the upper flag band will be paved.

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  • 6 February 2024
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