USDPLX trade ideas
USDPLN waiting for the double bottom pattern to formon DAILY: USDPLN is sitting around a support zone in green so we will be looking for objective buy setups on its retest.
on H4: USDPLN is forming a double bottom pattern (still an idea) so we are waiting for a momentum candle close above its neckline to buy it long-term.
and if price retests our support zone again, then we will be looking for new objective buy setups on lower timeframes.
USDPLN short on daily chartconfirm break of structure, wait for retest and short on 4 hour timeframe
USD/PLN will continue its downward momentumThe pair will continue its downward momentum in the coming days. A report from the OECD is bringing back the confidence in the Polish zloty. According to the international organization, Poland’s first-quarter GDP drop was among the lowest in the group. For years, the country has been on top of the European Union’s fastest-growing economies and analysts are expecting Poland to continue this trend in the coming years. With a robust recovery in hindsight, the eastern European country’s central bank is expected by analysts to increase its rate. Poland is currently sitting at a 0.10% interest rate, down from 1.50% prior to the coronavirus pandemic. On the other hand, the United States is expected to further slowdown. Despite introducing the largest stimulus in history, America will still suffer from the increasing US-China tension in the coming quarters. The two (2) largest economies are currently in dispute with the coronavirus pandemic.
USDPLNAFTER a complete whole month fall, dollar is expected to rise base on the wave structure and also the market structure, price form double buttom and equal low , so if the LOWER HIGH break then the whole trend change to uptrend
USDPLN THOUGHTS / JUNE 8-12LOOK FOR PRICE TO FALL ON OPENING SUNDAY. WAIT TILL PRICE HITS FLOOR!!!! LOWEST ENTRIES MAKE HISTORY. #TRADEGANG
USDPLNprice moving in a descending channel with bullish engulfing forming at the wave c of the descending channel , i expect price to move up next week and see a bit of strength from USD
USDPLN SHORT JUNE 1-5 2020FOLLOWING LAST WEEKS DOWNTREND
WAITING FOR RECTANGLE TO BREAK OUT OF CONSOLIDATION
4 HR FULL BEARISH CLOSURE BELOW 3.98802 CONSOLIDATION, ENTER SHORT
USDPLN Long PBTWe are long OANDA:USDPLN . This is based on our 'Probability Based Trading' concept. For more information check out our homepage or follow us on Twitter!
The Polish zloty’s rally has steadiedThe Polish zloty’s rally has steadied thanks to the unexpected rate cut from the Polish central bank thank shocked the forex market. Earlier this week, the pair dropped sharply after the news that the National Bank of Hungary opted to leave its rates unmoved. That news gave hopes that the Polish central bank will relatively follow in the steps of its neighbor especially considering that some critics have already said that the previous rate cuts weren’t actually necessary. And just yesterday, the Polish central bank dropped the bomb which caused the pair to steady yesterday and today. However, judging by the fundamentals that are around the pair, it will continue to descend, but the zloty will have a tougher time thanks to the rate cuts. After all, the US dollar remains significantly weak against most currencies thanks to the improvement in the global financial market. Thanks to the reopening of economies around the world, the safe haven of the buck are faltering.
USDPLN - the near end of the correction?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.
________
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.
