USD/PLN 1H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank

Tue, 29 Oct 2019 12:11:11 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuySellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)BuySellBuy
SAR(0.02;0.2)BuyBuySell
Aggregate

The US Dollar has been depreciating against the Polish Zloty since the beginning of October. As apparent on the chart, the USD/PLN exchange rate is trading at the 3.8540 level.  

Note that the currency pair is pressured by the 55– and 100-period moving averages (4H time-frame chart). Therefore, it is likely that some downside potential could prevail in the market. A possible downside target is the Fibonacci 38.20% retracement at 3.7496.  

However, note that the exchange rate could gain support of the monthly S2 at 3.8488 and reverse north in the nearest future. In this case, the rate could target the monthly S1 located at the 3.9302 mark.


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