Summary
Not much has happened in the Danish Krona economic calendar. The release of good Denmark Consumer Price Index (CPI) YoY of 0.3% relative to 0.1% forecast and 0.0% previous month did not do Krona currency any good. Danish Krona was impacted negatively due to US Presidential election and the outcome thereof, like any other currencies in the market.
The interim results of US Presidential elect on Wednesday, 09 Nov 2016, saw USDDKK opening at monthly pivot point (6.75226) and moved positively to the low of a candle (6.58584). The move was then rejected by the market and witnessed the candle closing at 6.82142. This was underpinned by the market after digesting the unpredicted outcome of the Presidential elect.

Technical Analysis
The market opened just above MM2 and close weekly on MR1. The move was purely motivated by the fundamental of US election. The week prior, Danish Krona remained bullish against the Greenback
Bias
• I remain bullish on the USDDKK pair to the Dec 2015, highest level of resistance.
• The move is also motivated by Dec rate hike optimism

Will go long at new support level between MPP and MM3 Watch closely Angle of separation between 21 and 55 EMA Also use 21 EMA as my support level

Watch 21 EMA as support

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.