USD/PLN 4H Chart: Highly volatile surge
The US Dollar is surging against the Polish Zloty in a highly volatile manner. The pattern, which is considered the junior one, has had its both trend lines touched even during a daily timeframe.
However, recently the currency exchange rate has been beaten down by a resistance cluster, which does not include the upper trend line of the ascending channel. Due to that reason the various resistance levels just above the 3.59 mark need to be watched closely.
Most likely the rate will pass them eventually, as the pair is being supported by the 55-hour simple moving average.
However, recently the currency exchange rate has been beaten down by a resistance cluster, which does not include the upper trend line of the ascending channel. Due to that reason the various resistance levels just above the 3.59 mark need to be watched closely.
Most likely the rate will pass them eventually, as the pair is being supported by the 55-hour simple moving average.
Comment:
The US Dollar has revealed that there exists a larger scale pattern against the Polish Zloty. The patterns resistance has forced the pair into a decline, which has taken the form of a descending channel. Moreover, the pair has reached below the historical low level of 3.53.
The next target for the channel pattern will be the first weekly support at the 3.5137 level. More likely there a short pause will take place until the upper trend line of the channel forces the rate lower.
Afterwards, the support line of the most dominant pattern below the 3.50 mark could be reconfirmed in a rebound.
The next target for the channel pattern will be the first weekly support at the 3.5137 level. More likely there a short pause will take place until the upper trend line of the channel forces the rate lower.
Afterwards, the support line of the most dominant pattern below the 3.50 mark could be reconfirmed in a rebound.
The previously described pattern of the US Dollar against the Polish Zloty was broken, as the Buck started loosing strength during the approval of the US tax reform. Various adjustments to the charts have been made due to the developments.
The reversal point is used to draw a dominant resistance line, which might play a role in the future.
A new junior channel down pattern was discovered. The pattern might guide the pair down to the historical low level of 3.5159.
Meanwhile, it has to be noted that the most dominant support is located below that historical low level.