USD/PLN 1H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The American dollar has eventually reached the lower trend-line of the wedge pattern, in the direction of which it moved since the end of the previous week. The pair's ability to cross the pattern's support will determine it's future development. As suggested by medium and long-term technical indicators, the US currency will succeed in completing this mission and is likely to lose value further. However, judging from hourly technicals, the pair will hover at current level for some period of time. Meanwhile, the bearish theory is supported by the vast majority of SWFX traders. At the moment almost 71% of them are short with respect to US dollar versus the Polish zloty.
© Dukascopy Bank SA
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Wed, 26 Nov 2014 14:42:03 GMT

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