USDPLN breaking out for renewed bullish theme

Intermediate

Another push higher Tuesday and again into Wednesday, reinforcing the previous tentative breakout from the Ascending Triangle pattern above 3.8594 and 3.8644 resistances, leaving both short- and intermediate-term bull themes intact and aiming higher for Wednesday.

The intermediate-term outlook is bullish, sustained by 2019 solid consolidation above the 38.2% Fibonacci retracement of the 2018 rally.

For Today:    

  • We see an upside bias for 3.8669; break here aims for 3.8815 and maybe 3.9000.
  • But below 3.8600 opens risk down to 3.8557, maybe 3.8471.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 3.9000.

  • Higher targets would be 3.9555 and 4.0000
  • What Changes This? Below 3.8006 shifts the outlook back to neutral; through 3.7400 is needed for a bear theme.

Daily USDPLN Chart

USDPLN

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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