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FxWirePro: USD/DKK halts 6-day rally, intraday bias bearish

  • The Danish Krone rose, halting a 6-day losing streak, as the greenback weakened against a basket of currencies. 
     
  • On Monday, the Danish currency fell to a 1-1/2 week low after data showed Denmark's industrial production declined 1.2 percent year-on-year in February, following an upwardly revised 5.4 percent fall in the previous month.
     
  • USD/DKK is trading 0.6 percent down at 6.8739, having hit high of 6.9337 on Monday, its highest since Mar. 25.
     
  • Earlier in the day, the pair as low as 6.8623 but found strong support at 7-EMA. 
     
  • Momentum indicators are turning bearish on hourly charts.
     
  • Immediate resistance is located at  6.9262, close above could take it till 6.9440.
     
  • On the downside, support is seen at 6.8601 (7-EMA), and any break below will take it till 6.8511 / 6.8424 (38.2% Fib).
  • Market Data
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