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FxWirePro: USD/DKK struggles to sustain gains, finds resistance at 7-EMA

The Danish Krone surged, hovering towards an over 1-year peak recorded earlier in the week. The Danish currency attempted a minor recovery as investors digested yesterday's upbeat inflation figures. Denmark's annual infl…

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FxWirePro: USD/DKK struggles to sustain gains, finds resistance at 7-EMA
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  • The Danish Krone surged, hovering towards an over 1-year peak recorded earlier in the week. 
     
  • The Danish currency attempted a minor recovery as investors digested yesterday's upbeat inflation figures.
     
  • Denmark's annual inflation rate inched up to 0.8 percent in February from 0.7 percent in the previous month. 
     
  • USD/DKK is trading 0.3 percent down at 6.6033, having hit low of 6.4994 on Monday, its lowest since January 2019.
     
  • Momentum indicators are bearish - RSI weak at 34 and MACD supports downside.
     
  • Immediate resistance is located at  6.6448 (61.8% retracement of 6.6748 and 6.6994), close above could take it till 6.6815.
     
  • On the downside, support is seen at 6.5560, and any break below will take it till 6.5226.
     

Recommendation: Good to sell on rallies around 6.6240, with stop loss of 6.6448 and target price of 6.5560. 

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