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Add as a preferred source on Google FxWirePro: USD/DKK steadies near 2-month trough, struggles to sustain gains above 6.7300 The Danish Krone consolidates near 2-month highs as the dust settled on the release of worse-than-expected manufacturing PMI. The pair broke above minor resistance 200-DMA but failed to extend gains above 6.7300 level. U…
By FxWirePro Team Mar 3, 2020, 10:56 AM UTC
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The Danish Krone consolidates near 2-month highs as the dust settled on the release of worse-than-expected manufacturing PMI.
The pair broke above minor resistance 200-DMA but failed to extend gains above 6.7300 level.
USD/DKK is trading 0.2 percent up at 6.7234, having hit low of 6.6815 on Monday, its lowest since Jan. 7.
Momentum indicators are turning bullish - RSI strong at 50 and MACD supports upside.
Immediate resistance is located at 6.7436, close above could take it till 6.7506.
On the downside, support is seen at 6.6942, and any break below will take it till 6.6886.
Recommendation: Good to buy on dips around 5.7132, with stop loss of 6.6942 and target price of 6.7436.
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