FxWirePro: USD/DKK eases on Denmark's better-than-expected industrial production, dip till 6.7208 likely
The Danish Krone retreated from a 3-week low hit in the previous session following better-than-expected industrial production figures. Denmark's industrial production increased 6.10 percent in September over the same mon…
The Danish Krone retreated from a 3-week low hit in the previous session following better-than-expected industrial production figures.
Denmark's industrial production increased 6.10 percent in September over the same month in the previous year, while on a monthly basis, it rose 1.9 percent from a downwardly revised 2.5 percent decline in August.
USD/DKK is currently trading 0.1 percent down at 6.7453, having hit high of 6.7584 earlier, its highest since October 16.
Momentum indicators are turning bearish on hourly charts - RSI weak at 44.28, Stochs are at oversold levels and MACD supports downside.
Immediate resistance is located at 6.7643, close above could take it till 6.7735.
On the downside, support is seen at 6.7339 (21-DMA), and any break below will take it till 6.7208 (5-DMA).
Recommendation: Good to sell on rallies around 6.7480, with stop loss of 6.7643, and target price of 6.7208.
