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FxWirePro: USD/DKK slumps despite Denmark's downbeat consumer confidence, major support at 55-EMA

  • The Danish Krone rose, extending previous session gains despite downbeat consumer confidence data.
     
  • Denmark's consumer confidence index declined to 4.3 in September from 6.3 in the previous month and below the forecast of 5.5, amid a deterioration in consumers' views on the country's economic situation. 
     
  • USD/DKK is currently trading 0.1 percent down at 6.7543, hovering towards a low of 6.7181 touched last week, its lowest since August 27. 
     
  • Momentum indicators are bearish - RSI shows weakness, MACD supports downside and Stochs are biased lower. 
     
  • Immediate resistance is located at  6.7801 (September 18 High), close above could take it till 6.8000 level.  
     
  • On the downside, support is seen at 6.7302, and any break below will take it till 6.7162 (55-EMA).  

Recommendation: Good to sell on rallies around 6.7604, with stop loss of 6.7801 and target price of 6.7162 

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