Patterns: AUD/NZD, USD/RUB
|AUD/NZD 4H Chart: The upwards channel continued
After meeting with the lower trend line of a dominant channel up pattern, AUD/NZD currency exchange rate began a surge on January 12.
This movement is likely to continue since it already tested the weekly and monthly pivot point resistance at 1.098. However, the pattern is drawing closer to the dominant downward channel.
Meanwhile, regarding the long term, the movement is likely to continue upward. That is due to all technical indicators confirming the price movement. The 55-hour SMA is providing support at 1.092 and both 100 and 200–hour SMAs are located under the exchange rate.
USD/RUB 4H Chart: Continued to declined
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 would be located at that level.
Meanwhile, regarding the long term, the movement is likely to continue south until it breached the monthly pivot point's support at 54.88.
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