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Sale of the zloty on Black Friday - EUR / PLN, USD / PLN, GBP / PLN

Sale of the zloty on Black Friday - EUR / PLN, USD / PLN, GBP / PLN

created Marcin KiepasNovember 28 2019

Market analysis: EUR / PLN, USD / PLN, GBP / PLN

Black Friday is full of attractive sales and promotions in stores. On the currency market, however, for two days ... zloty has been sold out. The Polish currency clearly depreciates, exceeding significant levels. This may herald further weakening.

PLN in a clear defense

On Thursday, the EUR / PLN exchange rate increases by PLN 1,3 and tests levels above PLN 4,32. USD / PLN is growing on a similar scale, approaching PLN 3,93. The British pound, however, has already cost 5,08 PLN and was the most expensive since April 2017 of the year.

The sell-out of the zloty, as well as the weakening of other currencies in the region, is the effect of an increase in risk aversion, which is associated with increased tension between the US and China due to the situation in Hong Kong.

Regardless of the assessment of the international situation and further relations on the Washington-Beijing line, the current balance of power on the charts of Polish pairs suggests that the zloty may continue to lose value.


Breaking the EUR / PLN daily chart above the 4,3135-4,3147 resistance zone and a simultaneous increase above 50 percent. lifting of October's declines, tells you to expect further increases.

EURPLN Daily_28112019

EUR / PLN chart, D1 interval. Source: MT4 Tickmill.


The situation is similar in the USD / PLN chart, where a strong demand signal is breaking above the resistance zone created by the local maximum from November 14 (3,9069) and 50 percent. abolition of inheritance (3,91). The closest resistance is 3,9375 evil, but you cannot exclude movement around 4 PLN.


Chart USD / PLN, D1 interval. Source: MT4 Tickmill.


Paradoxically, the situation on the GBP / PLN daily chart looks the least optimistic, whose quotations today violated the March peak (PLN 5,0711) and tested levels not seen since April 2017. This is due to significant overtaking, which raises the temptation to take profits. And a possible withdrawal below the mentioned level of 5,0711 PLN could block the possibility of increases.


GBP / PLN chart, D1 interval. Source: MT4 Tickmill.

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About the Author
Marcin Kiepas
Tickmill UK analyst. Financial markets analyst with 20-year experience, publishing in Polish financial media. He specializes in the foreign exchange market, Polish stock market and macroeconomic data. In his analyzes he combines technical and fundamental analysis. Looking for medium-term trends, examining the impact of macroeconomic data, central banks and geopolitical events on the financial markets.

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