FxWirePro: USD/DKK finds resistance at 6.713, good to sell on rallies

• USD/DKK rose as downbeat Denmark’s April retail sales figures disappointed the Danish Krone bulls.
   
• Denmark’s retail sales declined at an annualized rate of 0.3 percent after posting a rise of 2.6 percent year-on-year in the prior month.
   
• The pair slumped to a 6-1/2 month low on Friday as the greenback eased across the board amid U.S. political uncertainty.
   
• USD/DKK currently trades 0.3 percent up at 6.6630, rebounding from recent lows.
   
• Technical indicators support downside in the pair - RSI weak at 31.29, Stochs are in oversold zone, MACD supports downtrend.
   
• Immediate resistance is around 6.6713 (1H 55-EMA) and any break above will test 6.6915 (23.6 % retracement of 6.8637 and 6.6384)
   
• Supports stands at 6.6384 (Previous Session Low) and 6.6203 (trendline).

Recommendation: Good to go short on rallies around 6.67133 (1H 55-EMA) with stop loss at 6.6915 and target price of 6.6252/6.6203.