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Technical Analysis: PLNJPY Approaching 28 Support Line

POLAND
  • USDPLN ticks lower this morning after finding a local high at 3.9750 earlier; next resistance to watch on the topside stands at 3.98 (March 31 high). On the downside, first support stands at 3.92, followed by 3.90.
  • EURPLN ticks also lower this morning after finding a high at 4.64 yesterday; 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 consolidating lower in the past few days after failing to break through its 5.40 resistance; ST support to watch on the downside stands at 5.35 (50DMA), followed by 5.30 (100DMA). On the topside, next resistance to watch above 5.40 stands at 5.49.
  • CZKPLN ticks slightly lower this morning after finding a local high at 0.1820 yesterday; key resistance remains at 0.1834, which represents the pair's all time high reached in December 2011. On the downside, first support stands at 0.18, followed by 0.1795 (50DMA).
  • PLNHUF ticks higher this morning after finding support at its 100DMA earlier; resistance to watch on the topside stands at 78. On the downside, support to watch below 77.58 (100DMA) stands at 77.25 (50DMA).
  • PLNJPY has been consolidating lower in the past two days, currently testing its 28 support line; next important level to watch on the downside stands at 27.60, the 50% retracement of the 25.13 – 30.09 range. On the topside, first resistance stands at 28.35 (50DMA), followed by 28.53 (100DMA). (chart below).

Source: Bloomberg/MNI

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