FxNews—The greenback trades in a bull market against the Polish Zloty after the price broke above the descending trendline, depicted in the 4-hour chart below. The uptick momentum eased near the May 30, 2023, high at approximately 3.97.
As of writing, the USD/PLN currency pairs trade at about 3.96, returning from the immediate resistance, the 3.97 mark.
USDPLN Technical Analysis – 30-July-2024
The 50 and 100-period moving simple moving averages made a bullish cross in late July, meaning the current trend should be considered bullish. Other technical indicators give mixed signals, suggesting the USD/PLN price might trade sideways for a short while.
USDPLN Forecast – 30-July-2024
As mentioned earlier, the immediate resistance that kept the price from rising is at 3.97, the May 30 and July 29 highs. If the USD/PLN price breaks above 3.97, the uptrend from July 15 will likely extend to the June 20 low at ~4.01.
Notably, the ascending trendline, combined with the 100-period simple moving average, is the key resistance to the bull market. Hence, the bullish strategy should be invalidated if the price dips below the 100 SMA at approximately 3.92.
- Also read: USD/NOK Forecast – 30-July-2024
USDPLN Bearish Scenario – 30-July-2024
The key resistance is the July 26 low at ~3.92. If the bears (sellers) drive the price below it, the next bearish target will likely be the July 15 low at ~3.89.
USDPLN Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 3.92 / 3.89
- Resistance: 3.97 / 4.01
Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.