“A Glimpse at PLN” is the series of analysis created in cooperation with the InterTrader broker. You can track all these analysis every Tuesday and Thursday on Comparic. The aim is to present the current market situation on the currency pairs connected with the PLN.
For a long time it formed a market consolidation within which nearly eight weeks moves upward to form a raising wedge formation. Taking into account that in recent times the market declined around the upper limit of the formation coinciding with the local resistance 4.3575, in the near future we expect a decline and re-re-test the uptrend line which is the lower limit formation.
Almost from the beginning of the week the market is moving north. As a result of these increases was defeated downtrend line lasting for a long time and resistance at 4.9098 so more likely it seems to be a change in market sentiment and growth in the longer term.
Looking at the chart H4 we can see that before possible increases we expect a downward correction and re-test yesterday defeated resistance of 4.8750 (this time as a support), coinciding with the level of 38.2% Fibonacci correction.
With the results of the first survey of the election in the US, on the night of Tuesday to Wednesday we observed a strong depreciation of the US dollar.
USDPLN recorded dynamic declines.
After the announcement of the official results and the speech of the new president – Donald Trump, who calmed saying that he intends to be the president of all Americans and called for help, and joint activities not only his supporters but also opponents, the markets very quickly accepted this information as a result of which the situation began to stabilize and we saw equally dynamic growth, due to which the currency pair USDPLN not only returned to the levels before the election but went beyond them.
In the near future we expect to test the 3.9847 resistance area. The appearance of a strong supply in this area could trigger a downward correction, at least to the first potential support level @ 3.9400.
To invest in currency pairs of PLN suggest use low spreads the broker InterTrader that at the time of the creation of the analysis for each instrument in turn were 13.3, 21.1 and 12.2 pip.