The price broke up the Triangle and can rise from this place to the next Key Level 75.5.
We can open Buy if it will make a pullback to Buy Zone.
Potential profit will be 3 times bigger than the risk.
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Still in hedge short to protect US stock profits, but from the looks of $ES and $CL $USDRUB is going to 100. Could test the middle of the channel like it did last time or breakout from the falling wedge shortly. Ready to flip long.
You will learn the best place where we can trade USDRUB at low risk.
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I updated the chart as structure changed from earlier pattern (see related).
Double three W-X-Y extended the consolidation.
I think crude oil (see related) will dip again so its natural that USDRUB will move higher for ruble weakness.
On a global scale, after a pulse of 140%, a symmetrical triangle began to form for 6 years. Which on a very symbolic date was broken up. Below I will describe and in the screenshots I will show what's what.
On the chart, I showed areas of potential price halt.
The stop or continuation of the upward movement will depend on the reaction of the price to these...
There is a strong Resistance Key Level 75.484.
If the price will back to it we can look for Buy entry.
The best trade will be after the false breakout.
Push like if you think this is a useful idea!
Before to trade my ideas make your own analysis.
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Previous ideas reached the targets (see related).
But this pair didn't fully emerge therefore I expect it to retest the former top of Y2016 at 85.90.
It will be wave 5.
Wave 4 is unfolding now and it could be flat/zigzag or a triangle as in the larger degree preceding correction.
This pair hit the target set in my earlier post (see related).
But it looks like it is not yet done.
There is an ABC flat correction building on the chart and wave C down is pending.
After that the move up could emerge to hit 80 - at that level the large second leg would hit 1.272 of the first leg up
and 0.618 of the move preceding the current flat correction.
So many talks about RUB and Oil last days.
Well, as for oil - was waiting this downtrend since January , a lot of people told me that im incorrect and USOIL will go up... now its about 30$ per barrel, and im sure that this is not the end ( ofc oil will make a correction before going down again).
And now ruble . In 2018 we've made wave (1) and whole 2019 was a...
Not financial advise.
Similarity between $USDTRY and $USDRUB
-Violation of symmetrical triangle
-Fib 0.705 taken out
-Clean breakout on Weekly/other Macro
Target 1: aiming for the highs, of course.
FX_IDC:USDRUB
