USD/SEK has recently completed the Falling Wedge chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at the 2 bar level) and above-average Uniformity and Clarity (both rated at the 6 bar level). The completion of this chart pattern reverses the previous downward correction to the medium term uptrend from the major support at 6.0000 which reversed the previous downtrend in the April of this year. The bottom of this chart pattern (point E on the chart below) formed at the previous strong resistance and now support 6.5500 which had recently been broken by the previous daily upward price impulse. The pair is expected to rise further in the direction of the Forecast Area, located between price levels 6.7183 and 6.8244.
The following weekly USD/SEK chart demonstrates the aforementioned technical price levels:
- Real Time Charts
- Forex Charts
- Futures Charts
- Stocks Charts
- Indices Charts
