FxWirePro: USD/DKK slumps despite Denmark's downbeat consumer confidence, major support at 55-EMA
The Danish Krone rose, extending previous session gains despite downbeat consumer confidence data. Denmark's consumer confidence index declined to 4.3 in September from 6.3 in the previous month and below the forecast of…
Denmark's consumer confidence index declined to 4.3 in September from 6.3 in the previous month and below the forecast of 5.5, amid a deterioration in consumers' views on the country's economic situation.
USD/DKK is currently trading 0.1 percent down at 6.7543, hovering towards a low of 6.7181 touched last week, its lowest since August 27.
Momentum indicators are bearish - RSI shows weakness, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 6.7801 (September 18 High), close above could take it till 6.8000 level.
On the downside, support is seen at 6.7302, and any break below will take it till 6.7162 (55-EMA).
Recommendation: Good to sell on rallies around 6.7604, with stop loss of 6.7801 and target price of 6.7162
