News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
USD/DKK Consolidates as UK Oil Breaks to Lower Lows

USD/DKK Consolidates as UK Oil Breaks to Lower Lows

Walker England, Trade Instructor,

The USD/DKK (US Dollar/ Danish Kroner) has a high inverse correlation to UK (Brent) Oil. Denmark is a large producer of oil on the Norse Sea and it is estimated over DKK 20-27 billion in revenue is taken in each year from sales. As demand for oil steadily increases the Danish economy has been set to prosper while claiming prospective energy dependence for years to come.

Since topping out last year in May 2010 at 6.2619 the USD/DKK has maintained a downward trajectory. The pair has currently bounced off its yearly low at 4.9901. During the same time frame UK (Brent) Oil has also enjoyed a run-up in price. However, price has currently retreated over 15% from yearly highs at $122.87 to present levels. If the USD/DKK follows UK Oils lead, it may signal further gains and a change of trend for the pair.

USD.DKK_Consolidates_as_UK_Oil_Breaks_Lower_body_Picture_1.png, USD/DKK Consolidates as UK Oil Breaks to Lower Lows

Price Action

Taking price into a 4H chart, we can view price consolidating in a classic triangle pattern. This will warn us of an imminent breakout on the horizon for the USD/DKK. Regardless of the direction of the break, we can use entry order to bracket the market. Entry’s to buy should be placed over the May high at 5.3371. Sell orders should be placed below support under the 5.0748 price handle.

USD.DKK_Consolidates_as_UK_Oil_Breaks_Lower_body_Picture_2.png, USD/DKK Consolidates as UK Oil Breaks to Lower Lows

Trading Opportunity

My preference is to bracket the USD/DKK with entry orders awaiting a breakout on the pair. Buy entry’s should be placed over 5.3370 and sell orders under support near 5.0760. Stops should be set away 1,500 pips on both trades and looking to take 3000 pips profit on limit orders. This will offer a firm 1:2 risk reward ration on the position.

Alternative scenarios include price consolidating further prior to a breakout.

Walker England contributes to the Instructor Trading Tips articles. To receive more timely notifications on his reports, email to be added to the distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.