General overview for 14/01/2016:
The previous analysis of this pair might be found here.
After making the corrective cycle bottom at the level of 60.37 and finishing the triangle
pattern in wave 4, the #USDRUB pair has started the impulsive advance to the upside to
complete the wave 5 black. Currently there are two possible scenarios for this progression,
both are BULLISH:
– the first scenario (main count) indicates a possible termination of the impulsive cycle around
the level of 79-80 due to the building bearish divergence between the price and momentum
– the second scenario (alt. count) indicates a possible extension in wave three of the five wave impulsive cycle and new higher high in this pair might be easy accomplished. Breakout below
the level of 71.16 will be first clue this scenario is invalidated.
79.51 – Swing High
75.38 – Immediate Support
71.16 – Technical Support
Swing traders should watch this pair carefully as the uptrend might terminate any time soon.
Targets for the long term buy orders should be placed around the last swing high level and then trailing stop loss orders should be used.
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