USD/PLN 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that USD/PLN is guided by the 15-month up-trend support line, which is currently at 3.80, the long-term prospects are bullish. However, in the short run the pair is weak, since at the moment it is forming a descending triangle, a pattern that implies growing supply and hence a sell-off. The key support level at 3.94, and in case it is breached, the rate will be set to fall, although the dip is to be limited by 3.82/3.80. In the meantime, bearish signals are scarce, meaning 3.94 might hold. For one, a majority of technical indicators is giving ‘buy' signals. At the same time, the US Dollar is noticeably oversold (66% of positions are short), which increases the chance of Greenback's appreciation.
© Dukascopy Bank SA
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