FxWirePro: USD/DKK breaks below 7-EMA, intraday bias bearish
Tuesday, March 24, 2020 8:54 AM UTC
- The Danish Krone surged, rebounding from an over 3-year trough recorded in the prior session as the greenback weakened against a basket of currencies.
- USD/DKK is trading 1.1 percent down at 6.8900, having hit high of 7.0236 on Monday, its highest since April 2017.
- The pair breached 23.6% Fib and is extending losses for the third straight session.
- Momentum indicators are bearish on hourly charts - RSI weak at 37, MACD supports downside and Stochs are biased lower.
- Immediate resistance is located at 6.9830, close above could take it till 7.0140.
- On the downside, support is seen at 6.8470, and any break below will take it till 6.8233 (32.2% Fib).