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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…

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FxWirePro: USD/DKK steadies near 2-month trough, struggles to sustain gains above 6.7300
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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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