USD/PLN 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The 50-hour SMA at 3.0740 seems to be strong enough not to allow USD/PLN to fall to the neck-line of the 150-bar long double top pattern. The short-term SMA has been acting as a strong support level for almost 12 hours and may continue doing so as over 70% of traders on the SWFX bet on appreciation of the pair at a time when the instrument was likely to be in the down-trend. In particular, the pair was expected to follow a bearish trend after the second jump from the neck-line at 3.0617 that usually leads to a downside breakout and a sell-off. Meanwhile, technical data also alludes to the pair's willingness and ability to move higher and prove previous expectations were false.
© Dukascopy Bank SA
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