FxWirePro: USD/DKK breaks above 7-EMA, jump till 6.6627 likely
The Danish Krone declined, extending losses for the third straight session and hovering further away from an over 1-year peak recorded earlier in the week. USD/DKK is trading 0.4 percent up at 6.6544, having hit low of 6…
The Danish Krone declined, extending losses for the third straight session and hovering further away from an over 1-year peak recorded earlier in the week.
USD/DKK is trading 0.4 percent up at 6.6544, having hit low of 6.4994 on Monday, its lowest since January 2019.
Momentum indicators are turning bullish on hourly charts - RSI strong at 66, Stochs are biased higher and MACD supports downside.
Immediate resistance is located at 6.6627 / 6.6796, close above could take it till 6.7079 (88.6% retracement of 6.6748 and 6.6994)
On the downside, support is seen at 6.5781, and any break below will take it till 6.5560.
Recommendation: Good to buy on dips around 6.6310, with stop loss of 6.6193 and target price of 6.6627.
