FxWirePro: USD/DKK halts 2-day rally, struggles to sustain gains above 21-EMA
Friday, June 26, 2020 9:58 AM UTC
- The Danish Krone surged halting a 2-day losing streak as investors digested yesterday's better-than-expected retail sales.
- Denmark's retail sales rallied by 5.3 percent year-on-year in May, following an upwardly revised 2.7 percent fall in the previous month, its first increase in 3 months and the biggest since April of 2011.
- Moreover, minor weakness in the greenback due to rising coronavirus cases in the United States further supported the Danish currency.
- USD/DKK is trading 0.05 percent down at 6.6427, having hit low of 6.5672 on Tuesday, its lowest since June 16.
- On Thursday, the pair broke above 21-EMA but failed to sustain gains above it, retracing to close at 6.6456.
- Immediate resistance is located at 6.6655, close above could take it till 6.6760.
- On the downside, support is seen at 6.6201 and any break below will take it till 6.6015.