“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, the upper limit coincides with the level of 61.8% Fibonacci correction of the earlier declines.
Given that recently the market has tested the lower limit of the box in the near future we can expect a continuation of growth at around the level of 4.3813. For growth could be continued, however, we would have to overcome local resistance coinciding with the level of 61.8% correction of the last downward move and given the strong slowdown in growth in the last three weeks it may not be so evident.
Almost from the beginning of the month the market is moving north which resulted in overcoming the bearish trend line . It should be noted, however, that despite the growth the market didn’t draw a new High and once again oscillates around the zone of resistance levels between 4.9098 and 38.2% Fibonacci correction of the earlier declines. The rejection of this level would be a signal for continuation of declines.
If, however, the demand will overcome the said zone, then growth could reach even farther around 5.1580 or 5.2200.
On Monday we saw dynamic growth, resulting that the market broke out from the three-days consolidation and reached up to around 3.9263. Since yesterday afternoon we are in consolidation and taking into account that the market has already twice rejected the support of 3.9145 ,in the near future we can expect could be continuing growth . But before opening long positions its worth remembering that the market not yet tested support 3.9035 coinciding with the momentum of a 50% Fibo correction with Monday’s gains, and that today we have the most important Tuesday in this year -presidential election in the United States.
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 7.0, 14 and 5.4 pips.