After the zloty's sharp appreciation against the US dollar on 26 May, the market seems to be able to complete the full corrective structure labeled as abc. This is a typical simple correction, where wave c may be equal to wave a. One to one pattern is at 3.99 PLN.
Also in this region the previous tops and the lower limit in the trend channel are located, which could also be treated as a support area.
If this area is defended and the USD/PLN exchange rate remained above 4.00, it could be possible to return of the exchange rate to the upper limit in the trend channel.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Also in this region the previous tops and the lower limit in the trend channel are located, which could also be treated as a support area.
If this area is defended and the USD/PLN exchange rate remained above 4.00, it could be possible to return of the exchange rate to the upper limit in the trend channel.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.