Brent Crude Oil's drop could spoil WXY model of correction posted earlier.
It looks like we could have a Triangle instead as higher lows and lower tops appear on the chart.
Assuming the USD (DXY) continues to show strength in this week and in the near future, I will be looking to enter this market as a slightly longer-term position.
If I don't get my desired entry around the 0.382 fib level, an alternative (and potentially safer) entry would be to wait for confirmation of a breakout to the upside and likely retest resistance.
The US Dollar has started to gain strength against the Russian Ruble after the pair reached a five-years' low of 55.58. However, the surge was stopped by the weekly R2 at 58.62.
After reaching the 38.20% Fibonacci retracement level, the exchange rate made a U-turn south and has since been trading in that direction. A new junior pattern has been drawn to monitor...
The US Dollar has continued to decline against the Russian ruble, as expected. The currency exchange rate has reached the previously set target of 56.13.
The target was chosen as it represents the low level of August 2017. Moreover, it consists of various other levels of significance. For example, an inverse Fibonacci retracement level of past high and low levels...
As the US Dollar continued to lose ground against the Russian Ruble a major development occurred. The currency exchange rate passed a very significant support level near the 57.60 level. At that mark a 61.80% Fibonacci retracement level met with the support of the most dominant ascending channel pattern. However, that is no longer the situation.
Instead the...
The common European currency recently revealed a large scale ascending channel pattern against the Russian Ruble. The pattern was discovered, as the currency exchange rate did a rebound against the lower trend line of the pattern.
Moreover, the rebound has occurred in a small scale channel up pattern. However, the pattern has already encountered the resistance...
