USD/RUB 1H Chart: Ascending Broadening Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is surging against the Russian Ruble in an ascending broadening wedge pattern, as the currency exchange rate has reached the pattern's support line for the fourth time. However, the trend line has been confirmed only two times up to now, as the rate has had a tendency to change direction before fully confirming a trend line. The pattern's support line is also strengthened by the 200-hour SMA at 64.77 and the first weekly support level at 64.97. As the rate bounces off the lower trend line, it will face a strong resistance cluster from 65.16 to 65.32. However, SWFX traders are largely bullish on the pair, as 72% of open positions are long, which indicates at the USD/RUB pair being overbought.
© Dukascopy Bank SA
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