The USD/DKK has been in a longterm downward trend since the summer of 2012. However, at the start of May prices made an important swing low at 5.3327 and have since rallied over 3% to reach a high over 5.52. The currency pair was unable to hold above this important level and was pushed back below 5.50 during June. The chart below showcases this failure to break to break higher.
The 5.50 figure is also where we find the descending trendline that underpinned the move lower during the past year, as…
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