The USD/PLN exchange rate has bounced back after the previous strong zloty appreciation. It seems that it has ended thanks to currency intervention by the central bank of Poland. However, it seems that also the market was oversold so the larger correction may appear soon.
Currently, we may observe the first upward movement as the new impulse wave. After that the market could create an irregular correction labeled as ABC. If the C wave is ended we may expect another upward movement as the new impulse wave. The nearest possible resistance levels may be set by 3,76 or 3,84 PLN.
Only a move below 3,61 may change the scenario from bullish to bearish.
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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.
76.44% 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.
Currently, we may observe the first upward movement as the new impulse wave. After that the market could create an irregular correction labeled as ABC. If the C wave is ended we may expect another upward movement as the new impulse wave. The nearest possible resistance levels may be set by 3,76 or 3,84 PLN.
Only a move below 3,61 may change the scenario from bullish to bearish.
________
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.
76.44% 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.