USD/KRW continues to rise inside the well-formed Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is rated at the 6 bar level as a consequence of the low Initial Trend (rated at the one bar level) and substantial Uniformity and Clarity (both rated at the near maximum 8 bar level). This chart pattern reverses the preceding strong downtrend visible on the daily and the weekly USD/KRW charts. The first upward price impulse of this Triangle (from C to A) broke through the major resistance at the round price level 1100.00 (previous long-term support; price reversals close to this level are marked on the second chat below). The A to D sub wave of this Triangle reversed (at point D) from the 1100.00 level – acting as support now after having been broken on the upside. The pair is expected to rise further in the nearest time.
The following weekly USD/KRW chart shows previous price action close to the major price level 1100.00:
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Daily Forex Update: USD/KRW
Published 12/12/2011, 08:17 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/KRW
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