Dukascopy

USD/PLN 1H Chart: Descending Triangle

FX_IDC:USDPLN   U.S. Dollar / Polish Zloty
USD/PLN 1H Chart: Descending Triangle

  • The American Dollar is losing value against the Polish Zloty in a pattern that has the features of a descending triangle .
  • An impulse necessary for its formation was given by an announcement of the US Federal Funds Rate on Wednesday.

  • In theory, the currency rate should exit the pattern in the southern direction.
  • On validity of this scenario indicate combination of the 20-, 55-, 100-, 200-period SMAs and the weekly PP             that exercise pressure on the pair from the top.

  • On the other hand, the lower trend-line coincides with the monthly S2 at 3.6160, which has already proved to be a strong support barrier (6 prior rebounds).
  • Besides, there is a chance that even if the pair breaks downwards, the fall would be stopped near 3.6107, to which point out three William’s fractals.
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