USD/RUB 1H Chart: Falling wedge in sight - Trade Pattern Ideas - Dukascopy Bank

Tue, 16 Oct 2018 12:05:59 GMT
Source: Dukascopy Bank SA
 

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The Russian Ruble has been appreciating against the US Dollar after the currency pair reversed from the resistance level formed by a combination of the monthly PP and the Fibonacci 23.00% at 67.13. This movement has been bounded in a falling wedge.  

As apparent on the chart, a breakout from the pattern should occur in the nearest future. From a theoretical point of view, the exchange rate should break given wedge north and surge towards the 66.40/66.80 range.  

However, technical indicators suggest that expected advance might not be immediate, and the pair could decline to the support level formed by the Fibonacci 38.20% at 64.86.


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