FxWirePro: Danish Krone at record trough on worse-than-expected business confidence
The Danish Krone edged higher, retreating from a record low hit earlier in the session following the release of downbeat business confidence figures. Denmark's manufacturing confidence indicator decreased to -7 in Septem…
The Danish Krone edged higher, retreating from a record low hit earlier in the session following the release of downbeat business confidence figures.
Denmark's manufacturing confidence indicator decreased to -7 in September from -5 in the previous month, and below the forecast of -6 due to a deterioration in new order levels expectations.
USD/DKK is currently trading down at 6.8339, having hit an all-time high of 6.8476 earlier.
Momentum indicators are bullish - RSI strong at 63.85 and MACD support upside.
Stochs indicate a bearish crossover, a minor dip expected.
Immediate resistance is located at 6.8540, close above could take it till 6.8760.
On the downside, support is seen at 6.8228, and any break below will take it till 6.8026 (5-DMA) / 6.7920.
Recommendation: Good to sell on rallies around 6.8450, with stop loss of 6.8540 and target price of 6.8228.
