FxWirePro: Danish Krone consolidates near 1-1/2 week peak following downbeat economic data
The Danish Krone consolidated within narrow ranges as the greenback steadied near recent lows against a basket of currencies. On Wednesday, the pair fell to a 1-1/2 week low after the U.S. Federal Reserve left the door o…
The Danish Krone consolidated within narrow ranges as the greenback steadied near recent lows against a basket of currencies.
On Wednesday, the pair fell to a 1-1/2 week low after the U.S. Federal Reserve left the door open to more monetary easing.
The Danish currency is likely to continue its bullish momentum, although downbeat economic data appears to weigh on investor sentiment.
Data released earlier showed Denmark's unemployment rate increased to 4.1 percent in March from 3.7 percent in the previous 13 months, its highest jobless rate since December 2017, as the number of unemployed people rose by 11,434 to 117,046.
USD/DKK is trading flat at 6.8577, having hit low of 6.8518 the day before, its lowest since Apr. 20.
Immediate resistance is located at 6.8805 (10-DMA), close above could take it till 6.8949 (5-DMA).
On the downside, support is seen at 6.8383, and any break below will take it till 6.8280 (55-EMA).
Recommendation: Good to sell on rallies around 6.8570, with stop loss of 6.8682 and target price of 6.8383.
