- The Danish Krone surged, retreating from a near 1-week low hit in the previous session following the release of the upbeat balance of trade data.
- Denmark's trade surplus widened sharply to DKK 8.4 billion in August from DKK 1.0 billion in the same month a year earlier, while current account surplus widened to DKK 19.1 billion in August from DKK 9.3 billion in the same month of 2018.
- USD/DKK is currently trading 0.3 percent down at 6.7996 having hit high of 6.8265 on Tuesday, its highest since October 2.
- Momentum indicators are bearish on hourly charts - RSI weak at 32.47, MACD support downside and Stochs are at oversold levels.
- 21-DMA continues to act as an immediate support level.
- Immediate resistance is located at 6.8265, close above could take it till 6.8379.
- On the downside, support is seen at 6.7876, and any break below will take it till 6.7725.
Recommendation: Good to sell on rallies around 6.8146, with stop loss of 6.8265 and target price of 6.7876.
