“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.
During the last two weeks growth market crossed on Monday the downtrend line from the daily chart. On Tuesday and Wednesday we saw a downward correction and re-test of said line from the top. Today market is bullish and if the market overcomes Monday’s maximum then gains could even reach the level of around 4.3678.
According to our latest projection market continues its upward correction and from Monday afternoon oscillates around 50% Fibonacci correction of the earlier declines. In the near future we expect a re-test of downtrend line, the rejection could be the signal for declines to continue even to the area of support 4.6888.
On the daily chart, we see that last week market beat downtrend line at the same top of the triangle formation. Currently, from the beginning of the week the market oscillates around significant resistance, whose defeat could pave the way for further growth even in the vicinity of the level of 4.0097.
Looking at the H1 chart we can see that last four days the market moves in consolidation, the lower limit is the support zone coinciding with the level of 38.2% Fibonacci correction of previous increases. We are now in the vicinity of the upper limit of the formation, and if once again occurs a strong supply response, declines could reach and re-test the 3.9153 level.
However, if the growth will continue and the upper limit of the consolidation will be permanently defeated, then we can expect a continuation of growth in the vicinity of the aforementioned 4.0097 level.