Thursday, November 5, 2015
The Russian Ruble stays in a bearish channel
The
Dollar versus the Russian Ruble on the daily chart has been consolidating
around the 55 period exponential moving average, around the 63.57, but in the
longer term we can see that the pair has formed a bearish channel. The price
stays within that channel and it could try to head lower. If the price drops
from the current levels, then the 200 day exponential moving average, around
the 59.07 level could act as support. If the price breaks the upper trendline
of the channel, then the pair may change direction, but in order for that to
happen the Dollar would have to strengthen with the upcoming US fundamentals.
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Well spotted! Thanks for sharing it.
ReplyDeleteExcellent analysis!
ReplyDeleteNice bearish channel.
ReplyDeleteVery interesting analysis.
ReplyDeleteGood analysis.
ReplyDeleteGreat analysis.
ReplyDeleteInteresting analysis.
ReplyDeleteThanks for sharing your analysis.
ReplyDelete