Patterns: USD/RUB, EUR/RUB, NZD/CAD, NZD/JPY
|USD/RUB 4H Chart: Downside potential could prevail
Since October, the USD/RUB currency pair has been trading within a falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could continue to move within the predetermined pattern until the beginning of February. Then, a breakout north could occur, and the rate could raise to the 80.00 mark.
Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 74.00/75.10 range. Thus, a breakout south could occur, and the pair could decline to the Fibo 50.00% at 68.75.
EUR/RUB 4H Chart: Bears could prevail in market
Since October, the EUR/RUB exchange rate has been trading within a descending channel.
From a theoretical perspective, it is likely that the currency pair could continue to follow the predetermined trend in the medium term. In this case the pair could reach the Fibo 23.60% at 85.94 by the beginning of March.
Meanwhile, note that the exchange rate is pressured by the 55-, 100– and 200-period moving averages in the 90.30/90.70 range. Thus, a breakout south could occur.
NZD/CAD 4H Chart: Decline likely to continue
The New Zealand Dollar has declined by 141 pips or 1.52% against the Canadian Dollar since January 6. The currency pair breached the 50-, 100– and 200– period SMAs during this period.
All things being equal, the exchange rate is likely to continue to edge lower during the following trading sessions. A breakout through the lower line of a narrow descending channel pattern could occur.
However, the 200– period simple moving average at the 0.9100 area could provide support for the currency exchange rate in the shorter term.
NZD/JPY 4H Chart: Buying signals - Trade Pattern Ideas
The New Zealand Dollar has surged by 2.13% against the Japanese Yen since the beginning of January. The NZD/JPY currency pair breached the 75.50 level on January 11.
Everything being equal, the exchange rate could continue to trend bullish during next week's trading sessions. The potential target for bullish traders would be near the 76.50 area.
However, given that the currency exchange rate is currently trading near the lower of an ascending channel pattern, a breakout could occur during the following trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.