Daily Forex Update: USD/DKK
AutoChartist | Nov 09, 2011 01:26AM ET
USD/DKK continues to rise sharply after the recent completion of the high Quality Triangle chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 8 bar level as a result of the sharp Initial Trend (rated at the 8 bar level), significant Uniformity (6 bars) and near maximum Clarity (9 bars). This chart pattern continues the medium term uptrend from the major round price level 5.0000, which had reversed the previous downtrend in the middle of this year and 2009 (as is shown on the third chart below). The pair recently broken up through the upper resistance trendline of this Triangle with the Breakout, whose strength is measured at the highest 10 bar level. The pair is expected to continue upward movement toward the Forecast Area located between price levels 5.4909 and 5.5458.
The above Forecast is also confirmed by the following Key Level Breakout identified by Autochartist on the 30-minute USD/DKK charts. As can be seen on the following Key Level chart, the completion of the above Triangle coincided with the Breakout through the horizontal Resistance level 5.4424 (with Significance of 6 bars). The Forecast Area for this Resistance Breakout stands very close to the Forecast Area of the above Triangle.
The following weekly USD/DKK chart shows previous price action close to the major support 5.0000:
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