USDPLN - the near end of the correction?After the zloty's sharp appreciation against the US dollar on 26 May, the market seems to be able to complete the full corrective structure labeled as abc. This is a typical simple correction, where wave c may be equal to wave a. One to one pattern is at 3.99 PLN.
Also in this region the previous tops and the lower limit in the trend channel are located, which could also be treated as a support area.
If this area is defended and the USD/PLN exchange rate remained above 4.00, it could be possible to return of the exchange rate to the upper limit in the trend channel.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
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