Danish Krone tracking Euro weakness. USDDKK aiming higher

Intermediate

A probe higher Thursday close to the cycle peak at 6.7235, reinforcing bull forces from both the recent rebound from 6.6593 and the positive consolidation theme throughout May, which includes the spike up to this peak, to keep risks higher for Friday

The intermediate-term outlook is bullish, from the entire erratic up trend of 2019 and the April and May extensions to new cycle highs.

For Today:    

  • We see an upside bias for 6.7235; break here aims for 6.7370, maybe 6.7500.
  • But below 6.6955 opens risk down to 6.6830.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 6.7500.

  • Higher targets would be 6.8636 and 7.0000
  • What Changes This? Below 6.5917 shifts the intermediate-term straight to a bear trend.
USDDKK Chart 2019-05-31

Daily USDDKK Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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