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Technical Analysis: PLNHUF Breaks Above Its 50DMA

POLAND
  • USDPLN has been retracing lower in the past few days after finding a local high at 3.96 on Wednesday; next resistance to watch on the topside stands at 3.98. On the downside, first support stands at 3.90, followed by 3.8750 (50DMA).
  • EURPLN ticks lower this morning after finding a high at 4.63 on Wednesday; next resistance to watch on the topside stands at 4.65. On the downside, first support stands at 4.60, followed by 4.57 (50DMA).
  • GBPPLN has been testing its 5.40 resistance in the past two days; next level to watch on the topside stands at 5.43. On the downside, first support to watch stands at 5.34 (50DMA), followed by 5.30 (100DMA).
  • PLNJPY ahs been retracing higher in the past few days after finding a local low at 27.68 on Wednesday; next resistance to watch on the topside stands at 28.36 (50DMA). On the downside, first support to watch below 27.68 stands at 27.50.
  • PLNHUF has been retracing higher in the past few days, breaking above its 50DMA at 77.29 this morning; next resistance to watch on the topside stands at 77.60 (100DMA). On the downside, first support stands at 77.
  • CZKPLN has been consolidating lower in the past few days after finding at local high at 0.1826. RSI indicator was showing that PLN was moderately to significantly oversold against the major crosses following the sharp depreciation in September. Key resistance to watch on the topside remains at 0.1834, which corresponds to the pair's all time high reached in December 2011. On the downside, first support stands at 0.18, followed by 0.1793 (50DMA).

Source: Bloomberg/MNI

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