USD/RUB 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the frequent gaps there is a clear tendency emerging—narrowing of the trading range while the market is bullish. Accordingly, we may conclude that the upward momentum is weakening and there is an increasing chance of a reversal.
However, as long as the up-trend at 35.50 is intact, the outlook should stay positive, just as suggested by the four-hour and daily technical Indicators. And if the upper boundary of the pattern at 36.10 is breached, the bearish scenario is likely to be invalidated. Meanwhile, the SWFX market participants are mostly holding long positions, namely 59% of them.
© Dukascopy Bank SA

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