EURPLN has switched to a Channel Down on 1D (RSI = 35.852) and despite the slow pace (MACD = -0.016, Highs/Lows = -0.0192, B/BP = -0.0216) can extend (gradually) to a new Lower Low at 4.2200. This is our TP where a short term consolidation is expected (oversold already on STOCH = 19.416, STOCHRSI = 6.677, Williams = -92.202).
Both TP = 4.34099 and 4.3700 got hit on EURPLN as the price aggressively increased inside the 1D Channel Up. This pattern is still intact and as you see it is testing the lower supporting trendline. With the 1D RSI = 48.813, MACD = 0.004, Highs/Lows = -0.0129, we can assume with a certain degree of technical certainty that the new Higher Low has been placed. The...
The common European currency has been declining since the start of July against the Polish Zloty. The event from a technical perspective began due to the currency rate meeting the upper trend line of a dominant ascending channel pattern. The bounce off resulted in the formation of a descending medium term pattern, which is likely going to guide the rate...
The Euro has been trading in an ascending channel against the Polish Zloty since late December, 2017. The most recent test of this senior pattern occurred mid-June when the pair reversed from the 4.26 area. It has since been guided by the 55– and 100-hour SMAs in a junior channel up. Technical indicators on longer-term time-frames demonstrate that there is still...
Its OK to short USDPLN as it reached the fib arc level and is forming double top on 4 hours chart. Price will do the Elliot 1-5 wave cycle all the way down to the 0.5 fibonacci level - Gann angle, where it will make Elliott ABC correction and then will go up again...Watch closely the previous patterns as its again repeats the previous moves that I highlighted....
CHFPLN is on a strong 1D Channel Up (RSI = 58.946, MACD = 0.025, Highs/Lows = 0.0179, B/BP = 0.0545), rising after making a Higher Low at 3.66326. We are going long with TP = 3.81038 (previous Higher High).
The price is rising inside a clear 1D Channel Up (RSI = 60.030, Highs/Lows = 0.0211). The standard TP is the previous High = 4.34099. The next Higher High however is projected at 4.3700.
Standard Channel Up on 1D (RSI = 60.481, Highs/Lows = 0.0701). The Higher High is near 5.0400 but we will take a less aggressive (in accordance with the low MACD = 0.024, B/BP = 0.0699) long with TP = 5.000.
The appreciation of EUR/PLN has been guided by a medium-term rising wedge since early April. This has allowed the pair to strengthen by 4.50% up to its one-year high of 4.34 reached on May 30. It seems that this pattern might soon reach its maturity, thus pointing to a soon breakout. From technical point of view, the bottom boundary of this wedge should...
The EUR/PLN exchange rate has shown no significant changes to its movement during the past two weeks, as it has remained trading in the 4.24/29 trading range. This movement sideways has occurred near the upper boundaries of both long– and medium-term channels. This situation demonstrates that the pair could be ready to abandon its four-week surge and turn to the...
After testing the upper boundary of a long-term channel for a couple of weeks, the US Dollar picked up significant force late in April, dashed through its upper boundary and the 55-, 100– and 200-period SMAs and skyrocketed up to the monthly R2 situated near the 3.62 level. This strong upside momentum has been constrained in a narrow ascending channel. It is...
The US Dollar recently reached the lower trend line of a long term descending channel against the Polish currency. As a result the pair has already formed a short term ascending channel pattern. However, the channel has met with fierce resistance in the form of the monthly S1 at the 3.3760 mark and the 38.20% Fibonacci retracement level, which is located just...
The Euro has depreciated substantially against the Polish Zloty since March 21. The pair reversed from the senior channel located near 4.24 during the given session and began trading in a new channel down. The pair’s trading range within this pattern has diminished, as it has failed to reach its bottom boundary for the past two weeks. This suggests that the Euro...
The common European currency has shown solid growth against the Polish Zloty since February 20. Bulls have managed to push the rate 2.63% higher during this time, thus reaching a four-month peak of 4.2420 earlier today. The pair’s current movement has been confined in an ascending channel. The Euro, however, has failed to maintain the steep positioning and has...
The US Dollar has diminished its trading range against the Polish Zloty within the last few months, thus forming a medium-term triangle. After bouncing off the lower boundary of this pattern last week, the pair has entered a minor period of consolidation towards the senior channel located near the 3.42 mark. It is apparent that the pair has been reluctant to...
PLN has come under pressure after the National Bank of Poland reiterated its dovish stance at its policy meeting yesterday. Governor Glapinski suggested that the NBP may raise rates at the end of 2019 at the earliest, but current projections show no reason to raise rates before the end of 2020. This comes after the NBP revised its inflation forecasts marginally...
Following a rebound from a 2,5-year low of 4.1317 late in January, the EUR/PLN exchange began moving higher in an ascending channel. This junior pattern proved to be strong enough to allow for a breakout of the dominant five-month channel last week (dashed lines). Technical indicators suggest that some upside potential still exists in the market. It could be...