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USD/RUB 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The USD/RUB currency pair sends signals of potential upward movements by overstepping the top trend line of the falling wedge pattern which it has been following for 16 days already. The upward scenario is also supported by the proximity to the bottom Bollinger band the pair has showed over the last two weeks. It is likely that the currency will experience a short dip just to bounce back from the daily pivot point which is also the upper trend line of the broken wedge pattern, followed by a rally towards 64.08/14 levels where the 20 period SMA, the weekly S1 as well as the daily R1 lie, and in case of a breakout, the 64.57 ruble mark will be tested. Daily technical indicators, however, do not explicitly give insights in the future performance of the currency pair, signaling uncertainty about future movements. Given a downward breakout of the daily PP, however, the price can be expected to drop to monthly S1 with weekly S2 right underneath. 74% of positions being long on the EUR/RUB currency pair give ground to this belief.
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