“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 more than three months the market moves in a consolidation. After lasting increases for majority of October we quite rapidly rejected the level of 61.8% Fibonacci correction of the earlier declines. If in the near future we dont make new high beating last month maximas a more likely scenario might seem pro-downward and re-re-test of 4.2600 support.
Since the last week rejection of downtrend line market moved down. Unfortunately we even didn’t got in the area of the October lows and once again, since yesterday we observe increases, which again are re-testing the trend line. So far, however, the resistance will not be defeated, we can assume its rejection and the continuation of the decline in the near future.
After a very dynamic ongoing declines since last Friday, the market reached a very important support around 1.38815 coinciding with the golden ratio 61.8% of Fibonacci correction of the entire previous growth impulse. In the near future we expect a correction of growth and re-test of the next resistance around 3.9150.
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 9.3, 15 and 5.9 pips.