Collecting USDLooks like big player have used the retracement to refill chips.
If price will stand still at 72-73, not going under 72 support implying that breakthrough was false, we're going up again. Wait some time, preferably no deals.
Trade ideas
USDRUB UpdateBarrier triangle it is if the line holds today and USDRUB rolls back together with oil advancing.
Wave C of 5 of an ending wedge about to startThe structure is similar to USDCAD. We are approaching the culmination of price action in USDRUR and in other currencies. This will be an overextended, violent move, happening together with everything else crashing. Targets: 110-120 looks realistic and reasonable, but I think the move will go beyond anything reasonable so 140 should be expected.
The decision of the Central Bank of RussiaThe decision of the Central Bank of Russia to reduce its interest rates to help their economy was very costly. It strained the strength of the Russian ruble, allowing the greenback to regain its dominance over the trading pair. Prices are now projected to go up towards their resistance level as the ruble faces several hurdles ahead of it. The move should allow bullish investors to prop up the 50-day moving average over the 200-day moving average to maintain their lead. Just last week, the Central Bank of Russia decided to reduce their interest rates from 4.50% to about 4.25%, making a 25-basis point cut. There aren’t any scheduled reports due today for Russia, the next one is due on Thursday, July 30 and it will be the central bank reserves. Bears are hoping that the number won’t go down as it will further add pressure to the ruble. And as for the US dollar, it’s success in the USD/RUB trading pair doesn’t mean that it’s strong against other currencies.
USDRUB Daily UpdateI have updated the chart. The triangle is more pronounced than initially thought and on 4H chart is supported by MAs.
The RUB is slowing down by the intense pressure on its backThe Russian ruble is slowing down by the intense pressure on its back, but the buck is not strong enough to save itself from bears. The trading pair’s prices are widely projected to remain bearish but will slightly slow down. Prices should still head down and reach its support level, reaches ranges last seen in early March. The Russian ruble is faced with both challenges and support that is causing a push and pull effect in prices. Traders are considering the strong performance of crude oil prices in the commodity market which is greatly fueled by demand hopes and vaccine hopes. Another factor to be considered is that there are two main pressure points that could cause a reversal once prices hit their support. The first one is the foreign policy issues and the second is widening investors’ suspicion. Powerhouses from the West are accusing Russia of trying to steal the developments made for the coronavirus vaccine, threatening sanctions on Moscow.
The market has created a clear double top The market has created a clear double top on the fib retracement level and currently is testing a support structure.
Price is still supported by the ema 21 and the upper channel.
When the price will manage to break below the structure and consequently below the ema and also break the channel we can set a nice short order according with our strategy.
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Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
USDRUB UpdateReviewed the count slightly. RSI supports wave analysis. Oil is considered to be at peak (a few hours or a day before the reversal if not happened already). Stocks may have reversed already.
USDRUB flat correctionWe didn't touch resistance at 73 and moved into deep correction. Will wait for powerful move through resistance to new heights, at least 75-76.
USD RUB DAILY TIMEFRAMEthe price is bullish as the chart shows
tp1 weekly M formation neckline
tp2 monthly ici
USD RUB DAILY TIMEFRAMElooking for long tp1 is tha weekly M formation neckline
and tp2 will be ICI on the monthly
USDRUB updateUSDRUB also rushed to correct together with a bounce in RTSI and oil defying the rules of gravity.
USDRUB UpdateAlthough oil is creeping up, the USDRUB can rally. Maybe it is todo with a new wave of US sanctions; alternatively because of internal fiscal policy changes.
