USD/PLN may rise 171 - 220 pips

Our pivot point stands at 3.8322.

Our preference

The upside prevails as long as 3.8322 is support.

Alternative scenario

The downside breakout of 3.8322 would call for 3.8240 and 3.8191.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 3.8390 and 3.8430). Finally, the USD/PLN is trading above its upper Bollinger band (standing at 3.8466).

Supports and resistances

3.8787 **

3.8738 *

3.8689 **

3.8640

3.8469 last

3.8354

3.8322 **

3.8240 *

3.8191 **

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