FxWirePro: USD/DKK off 1-week peak on Denmark's upbeat economic data, dip till 6.7876 likely
The Danish Krone surged, retreating from a near 1-week low hit in the previous session following the release of the upbeat balance of trade data. Denmark's trade surplus widened sharply to DKK 8.4 billion in August from …
The Danish Krone surged, retreating from a near 1-week low hit in the previous session following the release of the upbeat balance of trade data.
Denmark's trade surplus widened sharply to DKK 8.4 billion in August from DKK 1.0 billion in the same month a year earlier, while current account surplus widened to DKK 19.1 billion in August from DKK 9.3 billion in the same month of 2018.
USD/DKK is currently trading 0.3 percent down at 6.7996 having hit high of 6.8265 on Tuesday, its highest since October 2.
Momentum indicators are bearish on hourly charts - RSI weak at 32.47, MACD support downside and Stochs are at oversold levels.
21-DMA continues to act as an immediate support level.
Immediate resistance is located at 6.8265, close above could take it till 6.8379.
On the downside, support is seen at 6.7876, and any break below will take it till 6.7725.
Recommendation: Good to sell on rallies around 6.8146, with stop loss of 6.8265 and target price of 6.7876.
