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FxWirePro: USD/DKK halts 3-day losing streak, good to buy on dips

  • The Danish Krone rebounded after falling to a 1-1/2 week low in the previous session.
     
  • The pair broke major support at 21-DMA but retraced to close lower at 6.7489. 
     
  • USD/DKK is currently trading 0.1 percent up at 6.7514, having hit low of 6.7379 on Monday, its lowest since November 7.
     
  • Momentum indicators are bullish on hourly charts - RSI strong at 52.02, MACD supports upside and Stochs are biased higher.
     
  • Immediate resistance is located at  6.7641 (7-EMA) close above could take it till 6.7735 (5-DMA). 
     
  • On the downside, support is seen at 6.7399 (21-DMA), and any break below will take it till 6.7307.  

Recommendation: Good to buy on dips around 6.7488, with stop loss of 6.7399 and target price of 6.7641 

By Lactus Fernandes
  • Market Data
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