PLNUSD trade ideas
USD/PLN 4H Chart: Pair shows signs of weaknessAfter 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 apparent from the pair’s movement this week that the given bullish strength has started to allay, thus pointing to a possible southern breakout from the junior channel. Technical indicators on the 4H and 1D time-frames likewise confirm this scenario, demonstrating that the expected decline might actually prevail for several weeks.
The nearest support of significance is the weekly PP, the 23.60% Fibonacci retracement and the 55-period SMA at 3.54, while the Greenback might still target the 200-period SMA currently located near the 3.44 area in the medium term.
USD/PLN 4H Chart: Occurring reboundThe 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 below it at the 3.3750 mark.
Due to that reason this isn’t a set up where one can simply enter. Instead a retail trader should look for the moment, when the mentioned resistance is finally passed. When that occurs, most likely a break out to the upside will occur.
USDPLN on the junction. We are heading to the bottom of the uptrend channel (red), can see possible bounce from there, but only to the top of downtrend channel resistance (blue). Later this trade will be updated with other trades based on which channel descending or ascending this pair will choose.
The entry will be near the bottom of the uptrend channel with 15 minutes MACD cross.
Selling USDPLNOn the daily chart of USDPLN, the price has started a new downtrend. We expect the price to go lower within the fifth Elliott wave of down period.
USD/PLNOn the weekly outlook USD/PLN downtred met a strong support around the 3.4900 area. The bears are showing weakness as we can see from a 7 week's higher lows. Perhaps the time of bulls has come. If the price continues starts a bullish trend the first resistance will be at 3.5000, then if it breaks at 3.7000.
BUY opportunity on USDPLNWe just forced down trend line on D1 chart. Next strong resistant on 3.50900
USDPLN, just touched the top of downtrend channel. SHORTBuy in 3.445, target 3.3880 , stop loss 10%.
Moreover I think the new uptrend channel is forming so there will be long opportunity , the formation will depend on tomorrow news at 10 o clock (I will update the information)
Thank you and good luck
Learning don't invest.
USD/PLN 1H Chart: Trades in triangleThe 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 edge higher during the last three trading sessions. This might suggest that a test of the senior channel could be followed by a decline, as supported by technical indicators on the weekly time-frame.
In case the channel line is breached to the upside, the pair is likely to find resistance near 3.44 prior to approaching the bottom triangle line. A possible downside target for the following two weeks could be the monthly S1 at 3.3450.
USD/PLN 4H Chart: After breaking long term trendsThe large fundamental changes in the strength of the US Dollar have caused a massive change of direction on the USD/PLN currency pair’s charts. Namely the decline in the US equity markets and the shift in the US monetary policy combined broke the resistance lines of all of the dominant patterns of the USD/PLN.
Due to that reason Dukascopy analysts set Fibonacci retracement levels and trend lines to the recent surge.
It was discovered that the pair is trading in two ascending channels. Meanwhile, the pair has made a retracement near the 23.60% Fibo. Due to that reason beware near the next retracement level.
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USD/PLN 1H Chart: Pair stopped by senior channelUSD/PLN is trading in two channels which are guiding its movement. During the past six weeks, the Greenback has been trading sideways in the 3.3085/3.4330 area. Its latest movement upwards, however, was disrupted by the senior channel near the 3.40 mark, thus sending the US Dollar for a minor period of decline.
It is likely that this dominant pattern, reinforced by the 55– and 100-hour SMAs, the 23.60% Fibo retracement and the monthly PP, pressures the rate even lower during the following sessions. A possible downside target is the 3.36 level where the 200-hour SMA is located.
However, the pair should eventually gather enough bullish momentum to approach the upper boundary of the junior channel near 3.4340.
