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Today we will talk about pretty clear Russian Ruble. From a technical perspective, we see very interesting price action and wave structure based on Elliott Wave theory.
Let's start with Weekly chart:
In EW theory, after every five waves, a three-wave correction follows and as you can see, USDRUB is turning down after five waves up. So, we can ...
Emerging Market sell off and low oil prices could form the cup and handle.
USDZAR is approaching our first support at 6.7169 (horizontal swing low support, 61.8%, 100% Fibonacci extension, 23.6% fibonacci retracement) where a strong bounce might occur pushing price up to its resistance at 6.8762 (horizontal overlap resistance, 100% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (21,5,3) is also approaching support and we ...
Target 1: 89 (+33%)
Target 2: 99 (+50%)
Good luck :)
USDZAR is approaching our first resistance at 6.8550 (horizontal overlap resistance, 23.6% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 6.7253 (horizontal pullback support, 100%, 61.8% fibonacci extension, 23.6% fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance and we might see a ...
USD/RUB possible teacup formation. Using the Fibonacci tool , there is a marked confluence at a key price level. Note confluence of 61.8% and 50% fib levels on two major swing points at 62.8-63 price area (also highlighted in yellow). If price pulls back to this key level I would anticipate price to make a bull run and extend beyond brim of teacup. This trade is ...
Key levels to look out for, please refer to 4 hour chart for strategic view!
USD/RUB price is being contained in an upward channel and has recently tested a key level of support. TP1 and TP2 represent key levels between previous swing high to swing low points. This pair is very volatile and is subject to larger spreads which vary according to different brokers. Trade at your own risk.
This idea correlates with my earlier EEM idea (related).
The divergence betwen the ruble and oil suggests a sort term correction down to the lower trend line, but the long term outlook for oil is bearish, sanctions are likely to add up against Russia, and a strenghtening usd will weight on the ruble. Hence a breakout of this symetrical triangle on the upside within 1 year is the most likely scenario
On the hourly chart, there was a trend change in the bullish impulse of wave A(1) with correction in 2(B) wave. Currently the is instrument is above the Alligator indicator with AO above the zero line. Buying if the price breaks the latest fractal with target at C wave.
To a newbie, this looks as if it would continue with it's uptrend. Although from a TA perspective, this is a shorting opportunity for the following reasons
1. Inverted hammer - candlestick pattern (the bulls are tired)
2. RSI is extremely overbought
The Russian Ruble has been depreciating against the US Dollar since the beginning of October. This movement has been bounded in an ascending channel.
Currently, the currency pair is testing the upper channel line at 66.40. If given channel holds, a reversal south occurs in the nearest future, and the rate aims for the support cluster formed by a combination of ...
The instrument is trading in a descending balance. Correctional wave was completed breakdown trends. It is worth paying attention to the key area of volumetric accumulation of sellers 66360 - 66170 (while the price is lower, we trade only short; in the case of a breakdown upward, we are rebuilding to long). Today, we are seeing a downward impulse at an increased ...
USDRUB continues to trade within a rising channel, but the moment, it's seems to be struggling to move higher.
Certainly, as long as the lower side of the rising channel remains intact, we will remain somewhat bullish on USDRUB. But for a better confirmation of the upside scenario, we would wait until the pair gets above the 67.11 zone. This way, we ...
The Russian Ruble has been appreciating against the US Dollar after the currency pair reversed from the resistance level formed by the monthly PP at 67.17. This movement has been bounded in a falling wedge.
As apparent on the chart, a breakout from the pattern should occur in the nearest future. From a theoretical point of view, the exchange rate should break ...
D1|USDRUB EW ANALYSIS.