FxWirePro: USD/DKK off 1-1/2 week peak on Denmark's upbeat retail sales, good to sell on rallies
The Danish Krone retreated from a 1-1/2 week trough on better-than-expected retail sales figures. Denmark's retail sales increased by 1.2 percent year-on-year in October, following a downwardly revised 0.1 percent rise i…
The Danish Krone retreated from a 1-1/2 week trough on better-than-expected retail sales figures.
Denmark's retail sales increased by 1.2 percent year-on-year in October, following a downwardly revised 0.1 percent rise in the previous month.
However, the rebound in the Danish currency appears limited as on monthly basis retail sales declined 0.3 percent in October from 0.1 percent recorded in September.
USD/DKK is currently trading down at 6.7812, having hit high of 6.7901 on Monday, its highest since November 14.
Momentum indicators are bearish on hourly charts - RSI weak at 47.44, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 6.7945, close above could take it till 6.7993
.
On the downside, support is seen at 6.7759, and any break below will take it till 6.7685 (10-DMA).
Recommendation: Good to sell on rallies around 6.7835, with stop loss of 6.7945, and target price of 6.7685
