Is equilibrium out of reach?

19 January, 2017

WTI

Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern.

USD/RUB

Again we can see a broken descending weekly channel and prices, which keep “moving” above the channel for a long period already. Of course, there is an option to buy the Ruble at the current price. However, it is better to understand the potential risks as well. Thus, we should stick to the most probable scenario and buy the pair to break the level of 60.39, so we could form the double bottom. We are waiting for the pair to get back to the range of 60 to 65. Although, we should not disregard the fact that the pair will continue to slide along the broken channel. If the scenario regarding the Oil drop will come true, then the Northern scenario will be the most probable one to happen of prices:

AUD/USD

As for the Australian currency, we have a descending channel in the weekly chart. Let’s try to place a limit order with a small lot away from the increasing stop loss, as this line is from weekly chart and there is a possibility of long breaks to appear along this line. Sell Limit 0.7630, Stop Loss 0.7700, Take Profit 0.7385.


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