USD/PLN 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After forming a symmetrical triangle in a bullish market, USD/PLN is now eroding the upper trend-line. If successful, the pair will confirm its intentions to keep moving north. Once the price closes above 3.70, the next target will be a recent peak at 3.7330. In case this obstacle is overcome as well, we will expect a re-test of the January high just beneath 3.80.
In the meantime, only weekly technical indicators favour this scenario; most of the four-hour studies are currently pointing down. As for the SWFX market sentiment, at the moment of writing 73% of open positions are short.
© Dukascopy Bank SA
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