USD/PLN 1H Chart: Medium-term channel in sight - Trade Pattern Ideas - Dukascopy Bank

Wed, 23 Jan 2019 13:27:27 GMT
Source: Dukascopy Bank SA
 

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The US Dollar has been depreciating against the Polish Zloty since the beginning of November when the pair reversed from the upper boundary of the long-term ascending channel at 3.8350. This movement has been bounded in the medium-term descending trend.  

Currently, the exchange rate is testing the upper line of junior channel at 3.7800. If junior channel holds, a reversal south occurs in the nearest future and the pair targets the lower channel boundary located circa 3.7000.  

Otherwise, it is likely that a breakout from junior channel occurs soon. A possible upside target is the psychological level at 3.8100.


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