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USDRUB Chart Pointing to Further Gains as Russian Ruble Sinks

USDRUB Chart Pointing to Further Gains as Russian Ruble Sinks

2018-09-06 10:00:00
Martin Essex, MSTA, Analyst
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USDRUB price, chart and analysis:

  • A pennant pattern on the USDRUB chart suggests the pair is likely to break higher.
  • This coincides with the possibility of further sanctions on Russia after the Novichok poisoning of a former Russian spy in the UK.

Check out the IG Client Sentiment data to help you trade profitably.

Bullish USDRUB chart

The USDRUB chart is looking bullish after the formation of a pennant pattern. This is a continuation pattern as a steep rise, known as the flagpole, is followed by a consolidation period within converging trendlines. It is often followed by a breakout movement in the same direction as the original advance.

USDRUB Price Chart, Daily Timeframe (May 22 – September 6, 2018)

Latest USDRUB price chart.

Chart by IG

In this case, the flagpole arguably began on August 8, when the pair touched a low of 63.43. A break of resistance at the upper trendline, currently at 68.28, would mean a gain since then of 4.85.

With a pennant formation, the target is an equal move to the original one – suggesting a gain from 68.28 of another 4.85, lifting it to 73.13. Note too that volume was large when the flagpole was forming and has been generally a little lower since then – increasing the importance of the pennant.

This technical picture has formed as further sanctions against Russia have become increasing likely in the wake of the poisoning of a former Russian spy and his daughter in the English town of Salisbury – which the UK says was committed by two agents working for Russian military intelligence.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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