USD/PLN 4H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A slide from June highs was accompanied by a symmetrical triangle, causing USD/PLN to consolidate into a flattish downtrend. We look for a break below the bottom trend-line at 3.8317 next week, as it appears that the rate is attempting another wave up towards the 3.8526 area, where the upper trend-line of the triangle lies. In case the bears take over immediately, however, the pair will weigh on the 3.8254 area, just to express its weakness in a break below, with 3.7771 becoming the ultimate target. Further downside risk lies at 3.7149, where weekly support established in June 2015 is about to remind of itself. Both 55-period and 100-period SMAs have proved weaker than the 200-period SMA, providing even more assistance for a dip to levels deeper below.
© Dukascopy Bank SA
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