FxWirePro: USD/DKK at 2-week peak following Denmark's downbeat industrial production, good to buy on dips
The Danish Krone eased, tumbling to a fresh 2-week low following downbeat industrial production data. Denmark's industrial production plunged 5.9 percent year-on-year in November, following an upwardly revised 1.3 percen…
The Danish Krone eased, tumbling to a fresh 2-week low following downbeat industrial production data.
Denmark's industrial production plunged 5.9 percent year-on-year in November, following an upwardly revised 1.3 percent gain in the previous month, recording its first decline since June. While on a monthly basis it decreased 5.30 percent in November over the previous month.
However, better than expected inflation figures limited the downside in the Danish currency.
USD/DKK is currenty trading 0.1 percent up at 6.7355, having hit high of 6.7378, its highest since Dec. 26.
Momentum indicators are bullish - RSI strong at 54.24, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 6.7415, close above could take it till 6.7505.
On the downside, support is seen at 6.7138, and any break below will take it till 6.7030 (200-DMA).
Recommendation: Good to buy on dips around 6.7298, with stop loss of 6.7138, and target price of 6.7415.
