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Wednesday, 21 September 2016

USD/PLN Weekly Analysis


General overview for 21/09/2016:

The top of the wave 3 seems to be in place and now a large, corrective cycle in form of a triangle pattern is in progress. On the other hand, there is a clear three wave downside development after the wave 3 top at the level of 4.1555 that might be labeled as wave 4. Nevertheless, it looks too short in time compared to wave 2, which is why I pursued with a more time-consuming corrective pattern. Anyway, as long as the demand zone between the levels of 3.5432 - 3.600 is not clearly violated, the probability of another high is still on the table.

Support/Resistance:
4.1555 - Swing top
4.0193 - 4.1256 - Internal Supply Zone
3.5432 - 3.6000 - Weekly Demand Zone

Trading recommendations:
Swing traders should still keep the long-term buy orders open as there is no sign of a possible up trend reversal yet*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.


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