USD/PLN 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN is a strong buy, considering that the currency pair has recently closed above the multi-month down-trend line, which appears to be the upper edge of the falling wedge. However, it might be a good idea to wait for a pull-back to the trend-line before going long the US Dollar. The price is likely to dip down to 3.60 after a test of the resistance cluster at 3.6750, created by the May 11 high, monthly PP, and 200-period SMA. Accordingly, this obstacle will be hard for the bulls to surmount, but a success here is likely to lead to a recovery to 3.82 (Apr high). The next target is going to be the Mar high at 3.97. However, the SWFX sentiment is strongly bearish, as 68% of open positions are short.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.