USD/RUB 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a two-month non-stop rally that was observed earlier this year USD/RUB entered a consolidation phase as a result of a test of the formidable resistance just below the level of 37. Accordingly, there were more chances that eventually the currency pair was going to resume moving forward.
However, the symmetrical triangle has recently been broken to the downside, meaning that the outlook is now bearish. This scenario will be confirmed if the U.S. Dollar does not manage to climb back above the resistance at 35.74 in the nearest future. Nevertheless, the sentiment towards USD/RUB is strongly positive—72% of open positions are long.

© Dukascopy Bank SA
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