FxWirePro: USD/DKK off 2-1/2 week trough, stay bullish
The Danish Krone eased following the release of downbeat industrial production figures. Denmark's industrial production declined at an annualized rate of 0.5 percent in June from an upwardly revised 10.9 percent jump in …
The Danish Krone eased following the release of downbeat industrial production figures.
Denmark's industrial production declined at an annualized rate of 0.5 percent in June from an upwardly revised 10.9 percent jump in the previous month.
On a seasonally adjusted monthly basis, industrial production tumbled 5.9 percent in June after rising 3.8 percent in May and below the forecast of 0.7 percent gain.
USD/DKK is currently trading 0.1 percent up at 6.6713, having hit a low of 6.6346 the day before, its lowest since July 19.
Technical indicators are bullish, with the RSI at 50.65 and Stochs showing a bullish crossover.
Immediate resistance is located at 6.6918 (7-EMA), close above could take it till 6.7052 (5-DMA)
On the downside, support is seen at 6.6429 (July 8 Low), and any break below 6.6346 (August 6 Low) could see a reversal in trend.
Recommendation: Good to buy on dips around 6.6560, with stop loss of 6.6429 and target price of 6.7052.
