USD/DKK has just completed the high Clarity Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this Triangle at the 5 bar level as a result of the low Initial Trend (rated at the one bar level), above average Uniformity (6 bars) and substantial Clarity (rated at the 8 bar level). This chart pattern is reversing the previous downward impulse which started from the upper boundary of the price range (from 5.3000 to 5.1300) in which the pair has been trading in the last few months (as is shown on the second chart below). Both of the connecting points (points A and B) for the upper trendline of this Triangle formed when the price failed to penetrate the aforementioned upper boundary of the trading range at 5.3000. Likewise, the lower support trendline of this Triangle stands on the reversal points (C and D) close to the lower boundary of the price range at 5.1300. The pair has recently broken the upper trendline of this Triangle and is expected to rise further in the direction of the Forecast Area set between price levels 5.2988 (upper boundary of the aforementioned price range) and 5.4033.
The following daily USD/DKK chart shows price action close to the range boundaries mentioned above:
- Real Time Charts
- Forex Charts
- Futures Charts
- Stocks Charts
- Indices Charts
