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U.S. Dollar / Polish Zloty

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USDPLN trade ideas

USDPLN @ crossroadsNow this pair is at its cross roads. It can either break below the support line (red dotted line) and heads towards 3.338 then rebound or from current price , it heads for a pull back and goes up to 3.698. Notice that twice the price action hits 3.528 and rebound? See, it is between 50% and 61.8% FIB zone so it need not be precisely touching this two points before it can have a pullback. Now it is the 3rd attempt, will it continue the prior pattern of retracement or disappoint the traders and head further south? If it is, then it is likely to hit 3.426 which is the lower end of the ascending channel. The weekly chart shows a continuing uptrend for this pair.
by dchua1969
USD/PLN 1H Chart: Greenback tended southwardsThe US Dollar is trading in three channels simultaneously against the Polish Zloty. The senior pattern has confined the rate for the last seven months. If looking at the pair’s movement two weeks ago, it is apparent that the senior channel took the upper hand over a more junior formation, as the rate halted near the 3.67 mark, thus failing to reach the upper boundary of the medium-term channel near 3.72. Currently, the rate is trading in a three-week channel down. Technical indicators signal that the Greenback might still edge slightly higher within the following two sessions, but reverse near the 200-hour SMA circa 3.62/63. The subsequent movement should be tended south in the short term down to the 3.57 mark where the weekly and monthly S1s and the lower boundary of the medium channel are located. This area could mark a minor correction upwards.
by UnknownUnicorn890690
USD/PLN 1H Chart: US Dollar breaches long-term channelUSD/PLN had been trading in a descending channel in force since mid-November, 2016. After breaching this pattern last week, the Greenback retraced from its upper boundary early on Monday. Thus, the dominant pattern now is an ascending channel which was formed mid-July. The rate’s trading range within this pattern has diminished, as it has failed to touch the bottom channel boundary on two separate occasions. From theoretical point of view, the breakout from the senior channel should be followed by a surge. This is likewise supported by the pair’s upward-sloping movement in the junior channel. The rate is supported by the 100– and 200-hour SMAs, the weekly and monthly PP and the weekly S1 in the 3.64/3.60 territory. In general, it is likely that one of these levels pressures the US Dollar for a reversal, thus paving the way for a surge in the medium-term.
Long
by UnknownUnicorn890690
USD/PLN 1H Chart: Channel UpUSD/PLN 1H Chart: Channel Up The American Dollar is trading against the Polish Zloty in two week long ascending channel that started to form after the currency exchange rate changed a direction and jumped through the 55- and 100-hour SMAs to the top. By the moment, it consists of four confirmation points, which means that it has reached maturity and might be broken in the nearest future. The breakout might occur even earlier, as the currency pair is simultaneously moving in a junior descending channel whose existence became evident after the buck failed to pass through the monthly PP at 3.6490 yesterday. On the other hand, the road downstairs is secured by the 200-hour SMA and the weekly PP at 3.6252. On the gradual surge to the top additionally point out traders’ mood, which is 72% bullish.
by UnknownUnicorn890690
USD/PLN 1H Chart: Ascending WedgeThe US Dollar is trading in an ascending wedge against the Polish Zloty. It might be assumed that the given pattern has reached its maturity that might result in a breakout this week. Ascending wedge is a continuation pattern that should guide the pair southwards, breaching a support cluster formed by the 55– and 100-hour SMAs circa 3.6430. A possible downside target could be set near the 3.62 mark—a level reinforced by the 23.6% Fibonacci retracement, the 200-hour SMA and the weekly PP. The aforementioned limit may likewise work as a reversal point after which the pair could make a retracement to the bottom wedge line. However, in case bears prevail, rate may fall down to the weekly S1 near 3.59.
Short
by UnknownUnicorn890690