TRENDING:

GBP/USD

XAU/USD

Patterns: USD/DKK, EUR/DKK, BRENT.CMD/USD, LIGHT.CMD/USD

Dukascopy Bank Team Dukascopy Bank SA

USD/DKK 1H Chart: Bears could prevail in market

The USD/DKK currency pair has been trading downwards within a descending channel since the end of May. The pair has already declined to the 6.7000 level.

Given that the exchange rate is pressured by the 200-hour moving average near 6.6590, it is likely that some downside potential could continue to prevail in the market. In this case the rate could decline to the Fibo 50.00% at 6.4753.

Meanwhile, note that the currency pair could gain support from the monthly S2 at 6.5361. If the given support holds, it is likely that a reversal north could occur and the pair could raise to the Fibo 23.60% at 6.7528.

EUR/DKK 1H Chart: Falling wedge pattern in sight

The EUR/DKK exchange rate continued to trade downwards within the falling wedge pattern. The rate has already declined below the 7.4570 level.

From a theoretical point of view, it is likely that the currency pair could continue to trade within the given pattern until the beginning of July. Then, a breakout north could follow.

However, note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages. Thus, a breakout south could occur within the following trading sessions. In this case the rate could gain support from the monthly S2 at 7.4428.

BRENT.CMD/USD 4H Chart: Two scenarios likely

During the past month, the Brent crude oil prices have been trading bullish. The commodity has surged by 124.06% since May 1.

Currently, the LIGHT.CMD/USD pair is trading near the lower boundary of an ascending channel pattern at 40.55.

If the channel pattern holds, bullish traders would continue to dominate the pair during the following trading sessions.

However, if the pair breaks the ascending channel, a decline towards the 34.00 area could be expected during next week's trading sessions.

LIGHT.CMD/USD 4H: Breakout could occur

The US light crude oil versus the US Dollar has been trading in an ascending channel pattern since May 1. The commodity has surged by 293% since the beginning of May.

As for the near future, the LIGHT.CMD/USD exchange rate could continue to trend bullish. Buyers are likely to aim for the $50 mark during the following trading sessions.

However, given that the pair is currently trading near the bottom border of the ascending channel pattern, a breakout could occur within this week's trading sessions.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD clings to small gains near 1.1750

Following a short-lasting correction in the early European session, EUR/USD regains its traction and clings to moderate gains at around 1.1750 on Monday. Nevertheless, the pair's volatility remains low, with investors awaiting this weeks key data releases from the US and the ECB policy announcements.

GBP/USD edges higher toward 1.3400 ahead of US data and BoE

GBP/USD reverses its direction and advances toward 1.3400 following a drop to the 1.3350 area earlier in the day. The US Dollar struggles to gather recovery momentum as markets await Tuesday's Nonfarm Payrolls data, while the Pound Sterling holds steady ahead of the BoE policy announcements later in the week.

Gold stuck around $4,300 as markets turn cautious

Gold loses its bullish momentum and retreats below $4,350 after testing this level earlier on Monday. XAU/USD, however, stays in positive territory as the US Dollar remains on the back foot on growing expectations for a dovish Fed policy outlook next year.

Ethereum: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion. BitMine aims to accumulate 5% of ETH's circulating supply.

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.