USD/PLN 4H Chart: Pair shows signs of weakness

Note: This section contains information in English only.
Source: Dukascopy Bank SA

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

After testing the upper boundary of a long-term channel for a couple of weeks, the US Dollar picked up significant force late in April, dashed through its upper boundary and the 55-, 100– and 200-period SMAs and skyrocketed up to the monthly R2 situated near the 3.62 level. This strong upside momentum has been constrained in a narrow ascending channel. 

It is apparent from the pair's movement this week that the given bullish strength has started to allay, thus pointing to a possible southern breakout from the junior channel. Technical indicators on the 4H and 1D time-frames likewise confirm this scenario, demonstrating that the expected decline might actually prevail for several weeks. 

The nearest support of significance is the weekly PP, the 23.60% Fibonacci retracement and the 55-period SMA, while the Greenback might still target the 200-period SMA currently located near the 3.44 area in the medium term.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.