USD/RUB 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is trading in a triangle pattern against the Russian Ruble. For the past week the currency exchange rate was fluctuating around the 200-period SMA, as the simple moving average was surging to the pattern's upper trend line. If the SMA continues the set course, it is most likely that the rate will reach the pattern's support line around the level of 65.20. Near that level, at 65.28 is the monthly pivot point, which will provide additional resistance. Meanwhile, from the downside, the rate is supported by the 55 and 100-period SMAs at 64.86. However, the rate is already overbought, as 75% of open positions are long. Although, there is a paradox, as 72% of pending orders are to buy the pair, which means that the rate is set to continue the surge.
© Dukascopy Bank SA
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