The US Dollar vs. the Russian Ruble pair is representing the two contradicting and rival economies and political systems in the world. This pair is very sensitive to the crude oil volatility as the Russian economy depends on the petroleum market greatly. The US Dollar, which is the most traded currency in the world, is considered to be very stable and safe in this pair.
USDRUR is fully aligned with the price action in Crude. We finally have the 20-month low volatility mode shattered, the triangle is a terminal structure so the only possibility for USDRUB now is to thrust higher, taking out the previous cycle highs. The targets are 115..130.
One barrel is currently worth 2950 RUR. This has been rising for years. Crude is heading to new lows - so <26 is in the cards for Brent and WTI. 2950 / 26 = 113.
Hey, mates. Cypher pattern on Ruble. With my broker it is almost completed. On tradingview it is far from completion. Nevertheless, check it out. Watch my full analysis video explanation in Signature section below this description. It is called "sample video". It explains higher timeframe analysis, cypher pattern rules, enties, stops and targets.
The triangular shape of the correction made me worry a bit, but when I looked inside I saw an ABC with a flat correction in B, which means the trend has a good chance to grind a lot higher. I assume we have nearly completed the correction, and possibly after the payrolls tomorrow the free fall in Crude will resume, which will drive USDRUB up to the new highs.
The market has been slow the past few days ahead of the Independence Day, so no breakout happened neither in CAD, nor in RUR or Crude. Here's the updated wave count for RUR: it's is running one extra subdivision in w5 down, and I would assume this will be the final one before a bounce.
I do continue to believe that we are dealing with a 1.5 year flat correction ...
