USD/PLN may fall 124 - 173 pips

Our pivot point is at 3.9416.

Our preference

The downside prevails as long as 3.9416 is resistance.

Alternative scenario

The upside breakout of 3.9416, would call for 3.9500 and 3.9550.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3.9331 and 3.9356). Finally, the USD/PLN is trading below its lower Bollinger band (standing at 3.9304).

Supports and resistances

3.9550 **

3.9500 *

3.9416 **

3.9383

3.9297 last

3.9173

3.9124 **

3.9074 *

3.9024 **

Number of asterisks represents the strength of support and resistance levels.