There are 81 Russian Rubles in one USD today. This is not the first time the RUB has devalued this much against the Dollar. We have an ascending triangle in the FOREXCOM:USDRUB chart that has spanned six years of price action. Once that triangle breaks upwards, we have a price target of 135. Let us keep watching this triangle to see if it will indeed break upwards. Then we can set up a trade on this pair.
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Wow this triangle broke upwards violently. I anticipate a retest of the top of the triangle, but then the trade is set with a target of 135 and a stop loss below the swing low at about 67.5.
I expect the re-test not only because that's what triangles do, but also this move in my opinion is exaggerated.
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Expected price action on the 10-minute chart.
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Just a follow up on my previous post.
Price did hit the bottom of the ascending triangle (around 82 RUB). This is where we start going up to 135 RUB gradually. Over the weekend, exchanges inside Russia sold USD at the rate of 105 RUB. The central bank intervened and dropped the price back to the levels before the weekend. If you are trading this pair, this is the time to make a setup with a clear stop loss perhaps at 79, and a target of 135. Good luck.
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This is the trade setup. RRR = 8.5
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Weekly trade
Trade closed: target reached
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Price has indeed reached 135 RUB per USD. We will keep watching this chart for any emerging patterns. Thanks for following.
Thanks for the good work and sharing idea .