FxWirePro: USD/DKK extends gains for fourth straight session, major resistance at 10-DMA
Thursday, April 2, 2020 9:55 AM UTC
- The Danish Krone slumped, extending losses for the fourth straight session, as the greenback steadied as investors seek safety in liquidity due to the coronavirus pandemic.
- Yesterday's weaker than expected Denmark's manufacturing PMI figures continued to weigh on the Danish currency.
- Major resistance is seen at 10-DMA, break above 6.8700 could see a trend reversal.
- USD/DKK is trading 0.3 percent up at 6.8286, having hit low of 6.6950 on Friday, its lowest since Mar. 17.
- Momentum indicators are bullish, likely to break above 6.8400.
- Immediate resistance is located at 6.8521 (10-DMA), close above could take it till 6.8735.
- On the downside, support is seen at 6.7954 (21-EMA), and any break below will take it till 6.7850 (55-EMA).