© Dukascopy Bank SA
The greenback has been losing ground against the Polish Zloty since November 19, and the downside trend is likely to persist until 10. On this date the upper and lower trend lines of a descending triangle pattern will converge, meaning the pair can added to its losses, or rocket higher, and start the rally. Just recently bears made an attempt to penetrate the lower trend line, however, after piercing it, the price bounced back and is now approaching the 200-hour SMA. At the same time, aggregate technical indicators are sending "sell" signals, pointing at a downside breakout. In this case, short traders could focus on a weekly and 4H support at 5.4687.
© Dukascopy Bank SA