USD/PLN 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. currency is finally recovering. At least versus the Polish Zloty. The USD/PLN pair has been moving higher since May 8, when the pair moved below 3.00-mark. At the moment of writing the pair has been changing hands around the pattern's support line. However, keeping in mind 'buy' signals from technicals on the hourly and daily chart, the penetration of the lower boundary seems unlikely. Despite extremely positive attitude towards the greenback, more than 72% of all opened positions is short, suggesting traders consider the pair is overbought. It will be also worth mentioning that MACD on the hourly and 4H chart is sending ‘sell' signals.
© Dukascopy Bank SA
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Tue, 20 May 2014 14:21:15 GMT

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