USD/PLN 4h Chart: Broadening Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Neutral Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

USD/PLN has been trading in an ascending broadening wedge in force since early June. The pair was confined in a narrow range prior to providing three confirmations on both wedge boundaries. Ascending broadening wedge is primarily a continuation pattern, thus a breakout to the downside may be expected. However, technical oscillators suggest that the US Dollar may still make a minor U-turn prior to a move downwards. The price has recently crossed the 55-, 100– and 200-hour SMAs, thus adding to the bearish perspective. An immediate resistance is provided by the 100– and 200-hour SMAs circa 3.7600. Meanwhile, the pair is supported by the lower channel boundary and the weekly S2 at 3.7339 and 3.7154, respectively.

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