The Russian Rouble is a high volatility speculative vehicle which prepares for another round of weakening caused by its underlying deteriorating economy, cheaper oil and generally increasing amount of risk associated with this currency.
The first impulse of the latest upward wave brought us to 57.15, the target of the next higher degree impulse could be approx 68 as by the chart.
I just wanted to warn those who are willing to enter the position right now that the correction is still not over and the ascending movement that started a week ago is more likely a B wave of a flat correction, and it will be retraced in a C wave.
As a side note: my personal opinion is that while USDRUR offers good swings in both directions, its margin requirements and cost of capital in the case of a short position make it less attractive than USDCAD.
The first impulse of the latest upward wave brought us to 57.15, the target of the next higher degree impulse could be approx 68 as by the chart.
I just wanted to warn those who are willing to enter the position right now that the correction is still not over and the ascending movement that started a week ago is more likely a B wave of a flat correction, and it will be retraced in a C wave.
As a side note: my personal opinion is that while USDRUR offers good swings in both directions, its margin requirements and cost of capital in the case of a short position make it less attractive than USDCAD.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.