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.
- 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.
Daily USDDKK Chart