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.
If you think this analysis can be useful, leave a your comment or your LIKE! Thank you for support and trade with care! The October rise has been retraced, however the thrend remains down so that more drops are likely.
Appreciation of the Russian Ruble agrees with the Crude Oil approaching the 2. It is a range trading but at moment it looks as if the upside will be tested again.
Fundamentally the Russian economy is stabilizing within the sanctions but there are a lot of clouds above it. The banking system is facing a crisis with some banks being bailed out by the central bank lasting on the budget and there future is not clear yet. The economic growth is Looks like the decision i was talking about in the attached chart is already made, only needs a confirmation at this point.
Textbook bear flag formed. Corrective wave coming now. Elliott waves and Fibonacci numbers say us where we able to come. We see hidden bullish divergence, rising support is near, RSI is oversold - all in favour of a short term long. After that it'll be time to decide which way to go. And, sadly - since ruble is my national currency, - i bet on a continued uptrend. However, recently the currency exchange rate has reached the support line of a dominant descending channel pattern.
The dominant pattern has a very small angle of decline, which means that most likely we will soon see the formation of a new ascending junior pattern. Markets have tried to distract from Trump and North Korea, especially since with Trump's mild reaction to the recent launch of the North Korean missile, Buy opportunity in the sky box. Not "head and shoulders". Show More Ideas 1 2. From the creators of MultiCharts. Select market data provided by ICE Data services.More...