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Technical Tutorial of the Day: Support-Resistance Plays on the USDRUB

The USDRUB is classified as an exotic forex pair which is hardly in the news except for rare occasions when there is a political event involving the US and Russia. Over the last few months, the USDRUB has been able to form some interesting technical levels. There are also some very interesting technical setups which may be amenable to trading opportunity.

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Technical Setups on the USDRUB

Presently, price has broken out of the falling wedge which was formed by last month’s price action. With price now pushing to the upside, we have 64.91451 as the first upside target. This is the area where previous highs at April 25/20 as well as June 12 are found. The high of October 10 stopped just short of this area. Therefore, upside continuation will see price targeting this area, which also completes the initial measured move that corresponds to the wedge’s base.

Further resistance lies at 65.62478, where a previous double top was formed on May 3 and June 3. Previous highs were also seen at this area on March 29, August 5 and September 11. If the first upside target is broken to the upside, we can expect a push of price to target this level.

On the flip side, a weakening of bullish momentum may see price return to the south to retest 63.6866. This is where previous lows were found on April 23, September 16/20. It is also the site where we have a cluster of previous lows from the last week of October. Below this area, the previous lows of July 31 and November 4 become relevant. The double bottom of June/July 2019 also constitutes the next support level after this.

The daily chart below showcases these technical levels for your understanding.More content