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FxWirePro: USD/DKK hovers towards 8-week trough, good to sell on rallies

  • The Danish Krone rallied, hovering towards a near 8-week peak hit in the previous session. 
     
  • USD/DKK is currently trading 0.1 percent down at 6.7115, having hit low of 6.7063 on Thursday, its lowest since August 26.
     
  • Momentum indicators are bearish - RSI weak at 35.20, MACD supports downside and Stochs are at oversold levels. 
     
  • 55-EMA is acting as the next major resistance. 
     
  • Immediate resistance is located at  6.7355 (23.6% retracement of 6.8265 and 6.7063), close above could take it till 6.7530 (38.2% retracement). 
     
  • On the downside, support is seen at 6.6907, and any break below will take it till 6.6790.
     

Recommendation: Good to sell on rallies around 6.7144, with stop loss of 6.7302 and target price of 6.6897.  

By Lactus Fernandes
  • Market Data
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