USD/PLN 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN has been trading lower since mid-November; however, the double bottom pattern was formed later, only in the first days of December. Double bottom patterns usually lead to an accelerating advance of the instrument but this time the climb is delayed as the pair is trapped between its short and long-term SMAs. The 50-hour SMA serves as a strong support zone, whereas the 200-hour SMA that meanders slightly below the pattern's resistance is blocking the upside. According to the SWFX data, the 200-hour SMA is likely to prevent the jump and may send the pair lower; 80% of all orders are placed to sell the currency couple.
© Dukascopy Bank SA
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Wed, 18 Dec 2013 07:51:18 GMT

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