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FxWirePro: USD/DKK retreats from near 1-month peak, intraday bias bearish

  • The Danish Krone rebounds from a near 1-month low as investors awaited Q3 gross domestic product growth rate due tomorrow.
     
  • Denmark's economy expanded by 0.9 percent on quarter in the three months to June, faster than preliminary estimates of 0.8 percent and compared to a revised 0.3 percent growth in the previous period, recording its strongest GDP growth rate since the fourth quarter 2017.
     
  • USD/DKK is currenty trading 0.05 percent down at 6.7843, having hit high of 6.7932 earlier, its highest since October 15.
     
  • Momentum indicators are bearish on hourly charts - Stochs are biased lower and MACD supports downside.
     
  • Immediate resistance is located at  6.7983 close above could take it till 6.8083. 
     
  • On the downside, support is seen at 6.7710 (5-DMA), and any break below will take it till 6.7623 (7-EMA).  

Recommendation: Good to sell on rallies around 6.7889, with stop loss of 6.7983 and target price of 6.7623 

By Lactus Fernandes
  • Market Data
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