Autochartist has recently identified the high Quality Down Channel chart pattern on the 4-hour USD/DKK charts. The overall Quality of this chart pattern is measured at the high 8 bar level as a result of the maximum Initial Trend (rated at the 10 bar level) and significant Uniformity and Clarity (both rated at the 7 bar level). This chart pattern continues the prevailing uptrend visible on the daily and the weekly USD/DKK charts.
The high Initial Trend of this chart pattern reflects the sharpness of the preceding upward price impulse from the strong support area lying at the intersection of the two Fibonacci Retracements: the 50% Fibonacci Correction of the preceding daily upward price thrust from the November of 2011 as well as the 38,2% Fibonacci Retracement of the longer-term upward price move from the May of last year (as can be seen on the second USD/DKK chart below). The pair is expected to rise further in the nearest time.
The following weekly USD/DKK shows the longer-term picture of this currency pair’s movement:
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USD/DKK Daily Update: March 29, 2012
Published 03/29/2012, 07:15 AM
Updated 03/09/2019, 08:30 AM
USD/DKK Daily Update: March 29, 2012
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