The US Dollar has been depreciating against the Russian Ruble during the last month. However, recently the currency exchange rate has reached the support line of a dominant descending channel pattern.
The dominant pattern has a very small angle of decline, which means that most likely we will soon see the formation of a new ascending junior pattern. However, the rate is most likely going to trade flat for some time, as it is set to face the resistance of the 23.60% Fibonacci retracement level and the monthly S1 near the 58.75 mark.
Moreover, the 55-period simple moving average is approaching from the upside to strengthen the resistance cluster.
The dominant pattern has a very small angle of decline, which means that most likely we will soon see the formation of a new ascending junior pattern. However, the rate is most likely going to trade flat for some time, as it is set to face the resistance of the 23.60% Fibonacci retracement level and the monthly S1 near the 58.75 mark.
Moreover, the 55-period simple moving average is approaching from the upside to strengthen the resistance cluster.
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The descending channel actually pierced the lower trend line of the dominant pattern.
If one adjusts the junior channel down pattern, it is possible to observe the dominating trend.
If one adjusts the junior channel down pattern, it is possible to observe the dominating trend.