USD/PLN 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish momentum of USD/PLN has been weakening following the Dec 16-29 rally, resulting in formation of a rising wedge pattern. Accordingly, there is an elevated risk of a reversal, and ultimately a violation of the lower trend-line can lead to a sell-off down to a major support at 3.35, though there are dense demand areas at 3.6873 (up-trend and Jan 21 low) and at 3.5980 (Jan 9 low and 200-period SMA). However, the technical indicators on the four-hour and daily charts mostly give ‘buy' signals, suggesting the US Dollar has not yet fully exhausted its upward potential, and we can still expect some appreciation before a likely downside break-out.
© Dukascopy Bank SA
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