FxNews – The USDPLN currency pair is trading near the 4.06 resistance, the pair’s highest price in 2024.
USDPLN Forecast – February-6-2024
As of this writing, the current USD/PLN price is 4.053. The trend is bullish, as depicted in the daily chart below. The awesome oscillator bar turned green, and the RSI indicator hovered above 50.
USDPLN Eying for a Pullback
We zoom into the 4-hour chart to better understand the USDPLN price action and future trends.
The technical indicators are also bullish in the 4-hour chart, but the RSI indicator is nearing the overbought area. If the 4.06 resistance holds and the RSI indicator hovers in the overbought region, the pair is likely to see a pullback to the 38.2% Fibonacci level.
Therefore, traders should keep a close eye on the 4.06 resistance. If the bulls break and stabilize the price above it, the uptrend will continue.
Poland’s Manufacturing PMI Hits Low in Jan 2024
Bloomberg—In January 2024, Poland’s Manufacturing PMI dropped slightly to 47.1 from 47.4 in December, going against expectations of a rise to 48.2. This marked the most significant decline in manufacturing since October 2023 and continued a 21-month downward trend. Both new orders and production saw substantial falls.
New orders decreased for the 23rd consecutive month due to low demand, notably from Germany, and production experienced its sharpest drop in three months. As a result, companies slightly reduced their staff numbers and cut back on purchasing.
Supplier delivery times were the longest since August 2022, mainly because of the crisis in the Red Sea. Despite these delays, there was no increase in inflation pressures on manufacturers, with both input and output prices being lowered. On the brighter side, manufacturers’ outlook for the next 12 months reached its most optimistic level before Russia’s invaded Ukraine in February 2022.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
