USD/PLN 4H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN dived right into a symmetrical triangle formation, suggesting that the rate will continue on the bearish note, and could be launching a new attack on 3.7742 (May highs) after 3.8440 - the bottom trend-line of the triangle is broken. Southward pressures are also confirmed by various SMAs which are situated above, with the 55-period and 100-period SMA crossover just adding ground to the claim. A broken pattern would leave the pair with 3.8344/80 as future near-term targets, and 3.8060 is the last level before the major support. If the pair continues to move along the triangle lines for now, 3.8488, 3.8570 and 3.8622 will put up a battle to protect the upper triangle trend-line from intrusion.
© Dukascopy Bank SA
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