FxWirePro: USD/DKK hit fresh 3-year peak, likely to sustain gains above 7.000 level
The Danish Krone declined to an over 3-year trough earlier in the session, weighed down by downbeat consumer confidence and rising greenback. Denmarks's consumer confidence index dropped to 0.4 in March from 3.3 in Febru…
The Danish Krone declined to an over 3-year trough earlier in the session, weighed down by downbeat consumer confidence and rising greenback.
Denmarks's consumer confidence index dropped to 0.4 in March from 3.3 in February, its weakest reading since December 2016, due to deterioration in expectations regarding general economic situation and expectations on major purchases.
USD/DKK is trading 0.2 percent up at 6.9964, having hit high of 7.0236 earlier, its highest since April 2017.
Momentum indicators are bullish - RSI strong at 67, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 7.0351, close above could take it till 7.0533.
On the downside, support is seen at 6.9297, and any break below will take it till 6.8990.
Recommendation: Good to buy on dips around 6.9880, with stop loss of 6.9643 and target price of 7.0351.
