USD/PLN Facing Resistance At 3.6673
Wojciech Podobas | May 21, 2018 08:41AM ET
On Monday 21st May the USD/PLN hit the resistance at 3.6673, reaching the highest level in 2018. The strong USD/PLN uptrend from the beginning of the year needs to overcome the resistance set in 2017. The RSI indicates highly overbought market, however the uptrend was confirmed by 100-period and 200-period Moving Averages. What is more, the US Dollar Index is still greatly bullish.
Current Pivot: 3.6700. Resistance: 3.6653 3.6878. Support: 3.3137 3.3600. Possible Scenario 1: market overcoming resistance and hitting 3.700, Support at 3.6654. Resistance at 3.8311. Long above 3.7100 target 3.7432. Possible Scenario 2: low volume market with bearish reversal till support at 3.3137. Short below 3.5960 target 3.4652.
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