USD/PLN 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For some reason there is a striking similarity between the current situations in AUD/NZD and USD/PLN. Both have triangles forming within the ascending channels. However, the case for a rally here is somewhat stronger, considering that the US Dollar is in fact oversold—68% of positions are short. Accordingly, our base case scenario is a rally through the near-term trend-line at 4.1370 and the January 21 high up to the upper edge of the channel between 4.19 and 4.20. Meanwhile, there are plenty of potential floors in case USD/PLN dips through 4.13. The first one will be the weekly PP at 4.1170, followed by a combination of the daily S2, January 22 low and the 200-hour SMA around 4.10.
© Dukascopy Bank SA
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