PLNUSD trade ideas
Look for shorts in USDPLNIts 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. The first Elliott wave should be to 0.38 fib level 3.63684 (first TP)
USDPLN Big fall may be comingThere is probably a change of hands.
Bears seem to have taken control.
Watch price action before taking any action.
USDPLN: Shorting into 2019The long-term outlook for USD/PLN bids me to short into 2019 as the USD begins to continue is long-tern, secular, bear market after a 4 month retracement.
The volume also suggests a bearish outlook going forward.
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.
