- The Danish Krone eased, tumbling to a fresh 2-week low following downbeat industrial production data.
- Denmark's industrial production plunged 5.9 percent year-on-year in November, following an upwardly revised 1.3 percent gain in the previous month, recording its first decline since June. While on a monthly basis it decreased 5.30 percent in November over the previous month.
- However, better than expected inflation figures limited the downside in the Danish currency.
- USD/DKK is currenty trading 0.1 percent up at 6.7355, having hit high of 6.7378, its highest since Dec. 26.
- Momentum indicators are bullish - RSI strong at 54.24, Stochs are biased higher and MACD supports upside.
- Immediate resistance is located at 6.7415, close above could take it till 6.7505.
- On the downside, support is seen at 6.7138, and any break below will take it till 6.7030 (200-DMA).
Recommendation: Good to buy on dips around 6.7298, with stop loss of 6.7138, and target price of 6.7415.