USD/PLN 4H Chart: Falling Wedge

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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
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Wed, 20 May 2015 13:47:05 GMT

NZD/USD 1H Chart: Channel Down

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NZD/USD 4H Chart: Channel Down

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