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WIG20 Index Finds Resistance At 23.6% Fibo

POLAND
  • PM Morawiecki recently said that Norway should share the profits it made on the dramatic rise of oil and gas prices.
  • Poland will later this year complete a gas pipeline from Norway that’s set to help it replace the supply of the fuel from Russia -- cut last month following Poland’s refusal to pay in rubles (BBG).
  • USDPLN has been consolidating lower in the past week, the pair tested its 50DMA at 4.3340 earlier. Next support to watch on the downside stands at 4.2950. On the topside, resistance to watch stands sat 4.40.
  • The recent PLN appreciation has been supported Polish equities, with the WIG20 index currently trading above the 1,800 level.
  • The WIG20 Index found resistance at the 1,825.60 level earlier, which corresponds to the 23.6% Fibo retracement of the 1,652.30 – 2,429 range (2022 low high). Next resistance to watch on the topside stands at 1,900.

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  • PM Morawiecki recently said that Norway should share the profits it made on the dramatic rise of oil and gas prices.
  • Poland will later this year complete a gas pipeline from Norway that’s set to help it replace the supply of the fuel from Russia -- cut last month following Poland’s refusal to pay in rubles (BBG).
  • USDPLN has been consolidating lower in the past week, the pair tested its 50DMA at 4.3340 earlier. Next support to watch on the downside stands at 4.2950. On the topside, resistance to watch stands sat 4.40.
  • The recent PLN appreciation has been supported Polish equities, with the WIG20 index currently trading above the 1,800 level.
  • The WIG20 Index found resistance at the 1,825.60 level earlier, which corresponds to the 23.6% Fibo retracement of the 1,652.30 – 2,429 range (2022 low high). Next resistance to watch on the topside stands at 1,900.