USD/KRW is moving up inside the Rising Wedge chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 6 bar level as a result of the low Initial Trend value (2 bars) and the high Uniformity and Clarity values (both measured at the 8 bar level). The low Initial Trend corresponds to the range bound price action that developed as the price approached very strong long-term support at 1,100 (which also lies very close to the 61,8% Fibonacci Correction of the preceding major upward trend visible on the weekly charts). The price reversed from the 1,100 support level (which is the third unsuccessful attempt to break through this level in the last year), forming the first connecting point for the lower support line of this chart pattern. The price is expected to continue upward movement in the coming sessions.
As you can see from the PowerStats chart below, all of the daily Expected Price Range for USD/KRW (from 1119.97 to 1138.62) stands above the projected value of the lower support line of this chart pattern (while the top of the EPR exceeds the projected value of the upper resistance line). This increases the chances that the pair will continue to rise tomorrow.
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