USD/KRW has just completed the Rising Wedge chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the average 5 bar level as a consequence of the following values of the Quality Indicators: low Initial Trend (measured at 1 bar level) and significant Uniformity and Clarity (both rated at the 8 bar level). The low Initial Trend corresponds to the sideways price movement that preceded this chart pattern that developed as the price approached very strong support at 1100. The price reversed from this level with a sharp upward impulse that created the first connecting point for the lower support line of this chart pattern. The top of this Rising Wedge formed right at the 50% Fibonacci Correction of the preceding sharp down impulse. The price has recently broken the lower support line of this chart pattern (acting as the support line of the ABC correction to the downward impulse mentioned above), continuing the prevailing major downtrend visible on the daily and the weekly charts. The price is expected to continue falling toward the Forecast Zone located between price levels 1099.41 and 1109.76.
Autochartist has also identified the longer-term Triangle chart pattern on the daily charts. Its length is equal to 115 bars. As can be seen from this chart, USD/KRW has recently reversed down from the upper resistance trendline of this Triangle and is likely to fall further toward the lower support line of this chart pattern in the coming sessions.
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