USD/PLN 1H Chart: Broadening Descending Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar trades against the Polish Zloty in an unordinary way. However, it is still possible to map and forecast the currency exchange rates movements. On a larger scale the pair is in a rising wedge, and recently the rate hit the wedge's upper trend line and formed a new medium term pattern. The medium term pattern is a descending channel, which is aimed at the large scale pattern's lower trend line. In addition, in the borders of the channel a broadening descending wedge has formed. However, the short term wedge is about to become obsolete, as the currency exchange rate has already hit and rebounded against the medium term channel's lower trend line.
© Dukascopy Bank SA
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