FxWirePro: USD/DKK plunges to 1-1/2 month trough, dip till 6.7293 likely
The Danish Krone rallied to 1-1/2 month high despite the release of worse-than-expected manufacturing PMI. Denmark's DILF Manufacturing PMI fell to 49.1 in February from a downwardly revised 53.1 in the previous month, r…
The Danish Krone rallied to 1-1/2 month high despite the release of worse-than-expected manufacturing PMI.
Denmark's DILF Manufacturing PMI fell to 49.1 in February from a downwardly revised 53.1 in the previous month, recording its the first contraction in six months in factory activity.
USD/DKK is trading 0.6 percent down at 6.7361, having hit low of 6.7353 earlier, its lowest since Jan. 17.
Momentum indicators are bearish - RSI weak at 33, MACD supports downside and Stochs are at oversold levels.
Immediate resistance is located at 6.7815, close above could take it till 6.7980 (55-EMA).
On the downside, support is seen at 6.7293 (200-DMA), and any break below will take it till 6.7150.
Recommendation: Good to sell on rallies around 6.7766, with stop loss of 6.7815 and target price of 6.7293.
