Currency pair US Dollar to Polish Zloty USD/PLN continues to move as part of a strong fall and the formation of a reversal pattern “Wedge”. Moving averages indicate the presence of a short-term downward trend in the pair. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair. At the time of publication of the forecast, the exchange rate of the US Dollar to the Polish Zloty is 4.65. At the moment, we should expect an attempt to develop a correction and test the support level near the 4.60 area. Then, the continued growth of USD/PLN quotes to the area above the level of 4.95.
Polish Zloty Forecast November 10, 2022
An additional signal in favor of the rise in the US Dollar/Polish Zloty currency pair will be a test of the support line on the relative strength index (RSI). As well as a rebound from the lower border of the “Wedge” reversal pattern. Cancellation of the growth option for the USD/PLN pair on Forex will be a fall and a breakdown of the 4.50 area. This will indicate a breakdown of the support level and a continuation of the fall of the currency pair quotes to the area below the level of 3.75. It is worth waiting for confirmation of the rise in USD/PLN quotes with a breakdown of the resistance area and closing of quotes above the level of 4.75, which will indicate a breakdown of the upper border of the “Wedge” reversal pattern and the start of working out the model with targets at the top.
Polish Zloty Forecast November 10, 2022 suggests an attempt to test the support area near the level of 4.60. Where should we expect a rebound and continued growth of the currency pair with a potential target at 4.95. In favor of the rise in the dollar rate, a test of the trend line on the relative strength index (RSI) will come out. Cancellation of the growth option will be a fall and a breakdown of the 4.50 area, which will indicate a continuation of the fall to the level of 3.75.
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