I read somewhere there is a co-relation between high oil prices and the ruble currency. But rather than heading into that area, let us focus on the charts instead.
The recent Iran matter that drives the oil prices up will further deteriorate the USDRUB. But please note that there is strong support at price level from 60.80 to 61.58. So, if it plays out as planned, there is about 1500 pips to go down.
For those who wants to short, wait for the sell signal by going to lower time frame, say 4H and check the price action. Trade cautiously.
The recent Iran matter that drives the oil prices up will further deteriorate the USDRUB. But please note that there is strong support at price level from 60.80 to 61.58. So, if it plays out as planned, there is about 1500 pips to go down.
For those who wants to short, wait for the sell signal by going to lower time frame, say 4H and check the price action. Trade cautiously.
Comment:
Some support found at 61.58, it may rebound from here.
Comment:
Unfortunately, it broke down with a sharp fall and is now consolidating, likely to heads south towards 60.86 or even lower. If you have shorted this pair, congratulations.
Comment:
Alrighty, now that it has hit the 2nd target, we shall see if it holds at this support level and rebound or goes slightly lower to hit the lower channel (red line) around 60.50 level before rebound.
Comment:
well supported at 60.86. we are taking a long position now.
Comment:
praise lord. congrats to those who followed.