FxWirePro: USD/DKK retreats from 2-week peak, finds resistance at 21-DMA
The Danish Krone rebounded from a near 2-week trough hit in the prior session, as the greenback eased following the U.S. Federal Reserve's second emergency rate cut. The U.S. Federal Reserve cut interest rates for the se…
The Danish Krone rebounded from a near 2-week trough hit in the prior session, as the greenback eased following the U.S. Federal Reserve's second emergency rate cut.
The U.S. Federal Reserve cut interest rates for the second time in less than two weeks on Sunday, reducing to a target range of 0 percent to 0.25 percent amid the economic impact of the coronavirus outbreak.
USD/DKK is trading 0.8 percent down at 6.6760, having hit high of 6.7604 on Friday, its highest since March 2.
Momentum indicators are bearish - RSI weak at 44, MACD supports downside and Stochs indicate a bearish crossover.
Immediate resistance is located at 6.7709 (21-DMA), close above could take it till 6.7771.
On the downside, support is seen at 6.6426, and any break below will take it till 6.6380 (5-DMA).
Recommendation: Good to sell on rallies around 6.7268, with stop loss of 6.7604 and target price of 6.6426,
