USD/DKK has recently completed the Rising Wedge chart pattern identified by Autochartist on the 30-minute charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the low Initial Trend (rated at the one bar level) and strong Uniformity and Clarity (rated at the 9 and 8 bar levels respectively). The completion of this chart pattern reverses the short term upward correction to the preceding daily downward price impulse which started when the pair reversed recently from the strong resistance area lying between the following technical price levels – 50% Fibonacci Retracement of the preceding sharp daily downtrend which started in the middle of last year (as is shown on the second chart below) and the round price level 5.6000. The pair is expected to fall further in the direction of the Forecast Area, set between price levels 5.3952 and 5.4116.
The following daily USD/DKK chart shows the technical price levels mentioned above:
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