USD/PLN 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/PLN has formed a channel up pattern on a hourly and 4H charts. At the moment of writing the pair was testing a strong support at 3.0382 and in case bears will be able to push the price lower, it will be a beginning of a strong downward movement. Traders, however, expected the pair to bounce back, as almost 74% of them are holding long positions. Separately, the greenback is bought in 55% of all cases, while Polish Zloty is sold in 62% of the time. Aggregate technical indicators, however, are sending "sell" signals, while, at the same time, MACD has entered a zone which indicates market is oversold on a daily and weekly charts. Therefore, the medium and long-term outlooks are bullish.
© Dukascopy Bank SA
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