Discounting of Polish parliament elections.
Discounting of elections began 10 days before them. On the chart we can see, that Polish currency start to quickly depreciate against Dollar. Pretty much everyone knew the main opposition of Civic Platform (PO), the Law and Justice (PiS) will win. The one of the major unknows was, whether they will have majority of parliament seats to rule alone. After the official results, they will. However, they don't have enough seats to change constitution alone.
Back to the chart analisys. The RSI is heavily overbought and in my opinion we won't have correction below 3.8540.
What will happen is big white candle. After that we will have correction to 3.8540. RSI will reset to 50 level.
Why PLN will depreciate more? Because of socialistic economic program of PiS.
Trade closed: target reached:
pips: +318
Close price: 3.91465