- The Danish Krone eased, hovering towards a 2-week trough hit earlier in the week following the release of downbeat GDP growth rate figures.
- Denmark economy expanded by 0.3 percent on quarter in the three months to September, easing from an upwardly revised 1.1 percent growth in the previous period, a preliminary estimate showed.
- USD/DKK is currently trading 0.05 percent up at 6.7888, having hit high of 6.7966 on Wednesday, its highest since November 14.
- Momentum indicators are bullish - RSI strong at 58.29, MACD supports upside and Stochs are at overbought levels.
- Immediate resistance is located at 6.7969, close above could take it till 6.8042.
- On the downside, support is seen at 6.7790 (7-EMA), and any break below will take it till 6.7688.
Recommendation: Good to buy on dips around 6.7862, with stop loss of 6.7790 and target price of 6.8042.
