FxWirePro: USD/DKK rebounds from 1-1/2 week trough, good to buy on dips
The Danish Krone declined to a 1-week trough as investors continued to digest soft consumer confidence figures. Data released yesterday showed Denmark's consumer confidence index eased to 1.4 in November from 1.7 in the …
The Danish Krone declined to a 1-week trough as investors continued to digest soft consumer confidence figures.
Data released yesterday showed Denmark's consumer confidence index eased to 1.4 in November from 1.7 in the previous month, its weakest reading since December 2016.
USD/DKK is currently trading up at 6.7601, having hit low of 6.7344 on Thursday, its lowest since November 5.
Momentum indicators are bullish on hourly charts - RSI strong at 63.10, MACD supports upside and Stochs are biased higher.
Immediate resistance is located at 6.7673 (10-DMA) close above could take it till 6.7718.
On the downside, support is seen at 6.7524 (5-DMA), and any break below will take it till 6.7458 (21-DMA).
Recommendation: Good to buy on dips around 6.7570, with stop loss of 6.7490 and target price of 6.7718.
