Short

USDDKK Overbought and in need for a 1D MA50 correction.

The USDDKK has been rising almost non-stop since mid-July and last week completed a Golden Cross on the 1D time-frame. On a 7-year span, every 1D Golden Cross pattern extended a long-term uptrend that was already underway. On the last 2 occasions in particular, the uptrend that started has been extremely strong but when the 1W RSI came close to the 70.00 overbought level (is 63.50 currently), it started a correction towards the 1D MA50 (blue trend-line).

We will sell when we see the first red 1D candle and target 7.0000 (close earlier if it hits the 1D MA50 first).

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