FxWirePro: USD/DKK hovers towards near 3-year peak, intraday bias bullish
The Danish Krone eased, hovering towards a near 3-year trough as investors ignore better-than-expected retail sales. Denmark's retail sales increased 0.5 percent in January after posting a decline of 0.4 percent in the p…
The Danish Krone eased, hovering towards a near 3-year trough as investors ignore better-than-expected retail sales.
Denmark's retail sales increased 0.5 percent in January after posting a decline of 0.4 percent in the prior month, while on an annualized basis, retail sales jumped 2.7 percent, rebounding from a downwardly revised 0.5 percent drop in December.
USD/DKK is trading 0.2 percent up at 6.9017, having hit high of 6.9297 on Thursday, its highest since April 2017.
Momentum indicators are bullish - RSI strong at 65, MACD supports upside and Stochs are at overbought levels
Immediate resistance is located at 6.9164, close above could take it till 6.9218.
On the downside, support is seen at 6.8846, and any break below will take it till 6.8786.
Recommendation: Good to buy on dips around 5.8893, with stop loss of 6.8846 and target price of 6.9164.
