FxWirePro: USD/DKK breaks above 21-DMA, likely to sustain gains above 6.800
Posted at 31 March 2020 / Categories Market Roundups
- The Danish Krone declined, extending previous session losses following soft GDP Growth Rate figures.
- Denmark's Gross Domestic Product expanded 2.2 percent in the fourth quarter after posting an upwardly revised 2.6 percet growth over the same quarter of the previous year.
- Earlier Monday, Finance Minister Nicolai Wammen stated the government was raising the ceiling of its wage compensation program for affected businesses to 30,000 kroner ($4,400) per month.
- Moreover, the upside in the greenback further dented the Danish currency's bid tone.
- USD/DKK is trading 0.5 percent up at 6.7972, having hit low of 6.6950 on Friday, its lowest since Mar. 17.
- Momentum indicators are bullish, likely to sustain gains above 21-EMA.
- Immediate resistance is located at 6.8064, close above could take it till 6.8120.
- On the downside, support is seen at 6.7543 / 6.7487, and any break below will take it till 6.6403 (200-DMA).