FxWirePro: USD/DKK retreats from near 1-month peak, intraday bias bearish
The Danish Krone rebounds from a near 1-month low as investors awaited Q3 gross domestic product growth rate due tomorrow. Denmark's economy expanded by 0.9 percent on quarter in the three months to June, faster than pre…
The Danish Krone rebounds from a near 1-month low as investors awaited Q3 gross domestic product growth rate due tomorrow.
Denmark's economy expanded by 0.9 percent on quarter in the three months to June, faster than preliminary estimates of 0.8 percent and compared to a revised 0.3 percent growth in the previous period, recording its strongest GDP growth rate since the fourth quarter 2017.
USD/DKK is currenty trading 0.05 percent down at 6.7843, having hit high of 6.7932 earlier, its highest since October 15.
Momentum indicators are bearish on hourly charts - Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 6.7983 close above could take it till 6.8083.
On the downside, support is seen at 6.7710 (5-DMA), and any break below will take it till 6.7623 (7-EMA).
Recommendation: Good to sell on rallies around 6.7889, with stop loss of 6.7983 and target price of 6.7623
