USD/PLN 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Buck is appreciating against the Polish Zloty, as the currency exchange rate has formed a rising wedge pattern. At the moment of writing, the currency pair was approaching the pattern's lower trend line, which was located around the level of 3.8100. The pattern's support line is also supported from the downside by the weekly pivot point at 3.8076 and the 200-hour SMA at 3.8069. However, on the downward path to the trend line, the rate faces the 55 and 100-hour SMAs respectively at 3.8163 and 3.8133. Meanwhile, while looking at the SWFX market sentiment it can be seen that the currency pair has room for a fall, as 59% of open positions are long.
© Dukascopy Bank SA
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