FxWirePro: USD/DKK finds support at 7-EMA, good to buy on dips
The Danish Krone eased, hovering towards a 2-week trough hit earlier in the week following the release of downbeat GDP growth rate figures. Denmark economy expanded by 0.3 percent on quarter in the three months to Septem…
The Danish Krone eased, hovering towards a 2-week trough hit earlier in the week following the release of downbeat GDP growth rate figures.
Denmark economy expanded by 0.3 percent on quarter in the three months to September, easing from an upwardly revised 1.1 percent growth in the previous period, a preliminary estimate showed.
USD/DKK is currently trading 0.05 percent up at 6.7888, having hit high of 6.7966 on Wednesday, its highest since November 14.
Momentum indicators are bullish - RSI strong at 58.29, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 6.7969, close above could take it till 6.8042.
On the downside, support is seen at 6.7790 (7-EMA), and any break below will take it till 6.7688.
Recommendation: Good to buy on dips around 6.7862, with stop loss of 6.7790 and target price of 6.8042.
