USD/SEK continues to rise inside the Ascending Triangle chart pattern identified by Autochartist on the daily charts. The Overall Quality of this chart pattern is rated at the 5 bar level as a result of the low Initial Trend (3 bars), average Uniformity (5 bars) and higher Clarity (6 bars). This chart pattern continues the medium-term uptrend from the strong support at the round price level 6.0000, which reversed the previous two-year-long downtrend in April of 2011 (shown on the second chart below). The D to B price impulse of this Triangle broke through the longer-term downtrend resistance trendline drawn from the start of the aforementioned preceding long-term downtrend (March of 2009). The following short-term downward correction from point B reversed up to point C from this trendline, acting as support now after having been broken. The pair is expected to rise further toward the upper resistance trendline of this chart pattern.
The following weekly USD/SEK chart shows the longer-term picture of this currency pair’s movement:
USD/SEK" title="USD/SEK" width="598" height="603">
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Daily Forex Update: USD/SEK
Published 01/09/2012, 07:34 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/SEK
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