USD/PLN 1D Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a plethora of signs that USD/PLN is soon going to resume from Jul-14 to Mar-15 recovery. First, the symmetrical triangle suggest a continuation of the previous trend, which in this case was a bullish one. Secondly, the currency pair is trading above the 200-day SMA, and it has recently confirmed topicality of this study for the market. Thirdly, a majority of the technical indicators on all three relevant timeframes is currently sending 'buy' signals. And while in the short run the pair may drop, demand at 3.71 is expected to underpin the Dollar, and eventually the rate should surpass the falling resistance trend-line at 3.81. The first target will be the August high at 3.86, followed by the March high at 3.97.
© Dukascopy Bank SA
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