USD/KRW forms potential Inverse Head and Shoulders pattern – Société Générale
Source Fxstreet
USD/KRW is forming the right shoulder of a potential Inverse Head and Shoulders, with the neckline near 1488. A breakout above this level could pave the way for gains toward 1497/1502 and 1525, Société Générale's FX analysts note.
Break above 1488 could trigger larger uptrend
"USD/KRW broke out from a multi-month base in September and gradually reclaimed the 200-DMA. 2024 peak of 1488 is an interim resistance. Interestingly, the pair appears to be forming the right shoulder of an Inverse Head and Shoulders."
"This pattern generally denotes upside potential. The neckline of the formation is near 1488. If USD/KRW breaks out above 1488, a larger uptrend may materialize. The next objectives could be located at projections of 1497/1502 and 1525. Recent pivot low of 1428 is a key support."
Disclaimer: The content available on Mitrade Insights is provided for informational and marketing purposes only. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
Japanese Yen rises amid BoJ rate hike bets; USD/JPY slides below mid-155.00sThe Japanese Yen (JPY) attracts fresh buyers at the start of a new week as traders keenly await the highly-anticipated Bank of Japan (BoJ) rate decision on Friday. Market expectations for an imminent BoJ rate hike in December have risen recently amid a shift in rhetoric from Governor Kazuo Ueda.
The Japanese Yen (JPY) attracts fresh buyers at the start of a new week as traders keenly await the highly-anticipated Bank of Japan (BoJ) rate decision on Friday. Market expectations for an imminent BoJ rate hike in December have risen recently amid a shift in rhetoric from Governor Kazuo Ueda.
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $95.04 per troy ounce, up 0.84% from the $94.25 it cost on Tuesday.
Cardano (ADA) is extending its correction, trading below $0.29 at the time of writing on Thursday after posting two consecutive red candlesticks over the previous two days.
Ripple Prime, the institutional prime brokerage platform of Ripple, has integrated Hyperliquid (HYPE) in an effort to expand into the decentralized finance landscape.
Bitcoin steadies at $70k while Ethereum and XRP face key resistance levels; technicals show bearish MACD crossovers despite oversold RSI conditions.
