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FxWirePro: USD/DKK extends rally above 21-EMA, near-term outlook bullish 

  • The Danish Krone slumped to a 1-week low after the country's central bank stated that Denmark's economy may face a contraction of as much as 10 percent this year as the coronavirus outbreak hits the Nordic economy. 
     
  • The Danish currency came under selling pressure after data showed Denmark's manufacturing PMI declined to 46.8 in March from a downwardly revised 48.4 in the previous month, indicating second consecutive contraction in factory activity and the steepest since June last year. 
     
  • 10-DMA is currently acting as major resistance, break above 6.8700 could see a trend reversal. 
     
  • USD/DKK is trading 0.9 percent up at 6.8294, having hit low of 6.6950 on Friday, its lowest since Mar. 17.
     
  • Momentum indicators are bullish, likely to break above 6.8400. 
     
  • Immediate resistance is located at  6.8559 (10-DMA), close above could take it till 6.8860.
     
  • On the downside, support is seen at 6.7569 (21-DMA), and any break below will take it till 6.7413 (200-DMA).
  • Market Data
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