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FxWirePro: USD/DKK extends gains above 21-DMA, intraday bias bullish 

  • The Danish Krone eased, hovering towards a near 2-1/2 week trough hit in the previous session as the greenback steadied on Fed measures to combat virus impact. 
     
  • The Trump administration pursued a $1 trillion stimulus package that could deliver $1,000 checks to Americans within two weeks to support an economy hit by the virus, while the Fed stated that it would reinstate a funding facility to get credit directly to businesses and households as fears over a liquidity crunch grew. 
     
  • USD/DKK is trading 0.2 percent up at 6.8055, having hit high of 6.8216 on Tuesday, its highest since Feb. 28.
     
  • Momentum indicators are bullish - RSI strong at 56, MACD supports upside and Stochs are biased higher.
     
  • Immediate resistance is located at  6.8241 / 6.8395, close above could take it till 6.8631.
     
  • On the downside, support is seen at 6.7560 (21-DMA), and any break below will take it till 6.7294 (21-EMA).
     

Recommendation: Good to buy on dips around 6.7960, with stop loss of 6.7771 and target price of 6.8395.

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