FxWirePro: USD/DKK halts 6-day losing streak, faces resistance at 21-DMA
Monday, March 30, 2020 9:53 AM UTC
- The Danish Krone declined, halting a 6-day winning streak as the greenback bounced back from recent lows.
- The dollar index rebounded after the U.S. House of Representatives on Friday approved a $2.2 trillion aid package to curb the economic fallout from the coronavirus pandemic.
- Moreover, the Danish currency weakened further after data showed Denmark's manufacturing confidence indicator declined to -7 in March from -4 in the previous month, due to a decrease in both of production expectations and stocks of finished goods.
- USD/DKK is trading 0.7 percent up at 6.7444, having hit low of 6.6950 on Friday, its lowest since Mar. 17.
- Momentum indicators are turning bullish on hourly charts.
- Immediate resistance is located at 6.7551 (21-DMA), close above could take it till 6.7708.
- On the downside, support is seen at 6.6880, and any break below will take it till 6.6775.