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FxWirePro: USD/DKK near 1-month peak following Denmark's soft Q3 GDP growth data, intraday bias bullish

  • The Danish Krone slumped to a fresh 1-month low following soft Q3 gross domestic product growth rate.
     
  • Denmark’s gross domestic product grew 0.3 percent on quarter in the three months to September, following a 0.9 percent advance in the previous period. 
     
  • USD/DKK is currently trading flat at 6.7897, having hit high of 6.7966 earlier, its highest since October 15.
     
  • Momentum indicators are bullish - RSI strong at 60.40, Stochs are at overbought levels and MACD supports upside.
     
  • Immediate resistance is located at  6.8042 close above could take it till 6.8118. 
     
  • On the downside, support is seen at 6.7786 (5-DMA), and any break below will take it till 6.7690 (7-EMA).  
     

Recommendation: Good to buy on dips around 6.7870, with stop loss of 6.7786 and target price of 6.8042. 

By Lactus Fernandes
  • Market Data
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