Friday’s trade saw USD/DKK within the range of 6.5745-6.6160. The pair closed at 6.5944, edging down 0.14% on a daily basis. It has been the 13th drop in the past 24 trading days. In weekly terms, USD/DKK added 1.01% to its value during the past week. It has been the 6th gain in the past 15 weeks and also the steepest one since the week ended on February 28th. USD/DKK has advanced 0.66% so far during the current month, following two consecutive months of decline.
At 6:54 GMT today USD/DKK was inching up 0.06% on the day to trade at 6.5901. The pair touched a daily high at 6.6004 at 6:43 GMT, undershooting the daily R2 level, and a daily low at 6.5809 during the early phase of the Asian trading session.
On Monday USD/DKK trading may be influenced by the following macroeconomic reports and other events as listed below.
Fundamentals
Feds Dudley speech
At 12:30 GMT the Fed President for New York, William Dudley, is expected to take a statement. His remarks may introduce limited-to-moderate volatility of the currency pairs containing the US dollar.
NAHB Housing Market Index
The National Association of Home Builders (NAHB) Housing Market Index probably rose to 59.0 in April, according to market expectations, from 58.0 in March. If so, this would be the 22nd consecutive month, when the gauge stood in the area above 50.0. The indicator is based on a monthly survey in regard to current home sales and expected sales in the coming six months. Values above the key level of 50.0 indicate that housing market conditions are good. Therefore, higher-than-projected readings would provide a moderate support to the US dollar. The official report is scheduled for release at 14:00 GMT.
Correlation with other currency pairs
Taking into account the week ended on April 15th and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:
USD/DKK to USD/CHF (0.9878, or very strong)
USD/DKK to USD/JPY (0.9120, or very strong)
USD/DKK to AUD/USD (0.6057, or strong)
USD/DKK to NZD/USD (0.0740, or very weak)
USD/DKK to USD/CAD (-0.1390, or weak)
USD/DKK to GBP/USD (-0.8374, or very strong)
USD/DKK to EUR/USD (-0.9999, or very strong)
1. During the examined period USD/DKK moved strongly in one and the same direction with AUD/USD.
2. USD/DKK moved almost independently compared to NZD/USD during the past week.
3. USD/DKK moved almost equally in one and the same direction with USD/JPY and USD/CHF during the period in question. This relationship has been the most pronounced between USD/DKK and USD/CHF, as the correlation between the two pairs was almost perfect.
4. USD/DKK moved almost equally in the opposite direction compared to GBP/USD and EUR/USD during the past week. This relationship has been the most pronounced between USD/DKK and EUR/USD, as the correlation between the two pairs was almost perfect.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for USD/DKK are presented as follows:
R1 – 6.5982
R2 – 6.6020
R3 (range resistance) – 6.6058
R4 (range breakout) – 6.6172
S1 – 6.5906
S2 – 6.5868
S3 (range support) – 6.5830
S4 (range breakout) – 6.5716
By using the traditional method of calculation, the weekly pivot levels for USD/DKK are presented as follows:
Central Pivot Point – 6.6705
R1 – 6.6494
R2 – 6.7044
R3 – 6.7833
S1 – 6.5155
S2 – 6.4366
S3 – 6.3816
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