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USD/RUB Elliott Wave
For the last few days the USD/RUB pair was trading in a downward move developing corrective wave E (coloured orange) of the bigger wave 4 (coloured Purple). At the moment we can observe the last push to the downside before we can see price higher in an impulsive 5 wave (coloured purple) .We know that E wave should retrace 61.8% of the C wave so we can entry long position at 31.12 level. In accordance with our wave rules and taking into account that the wave 5 retraces 61.8% of the wave 3, we can define the potential targets by measuring 3 wave with Take Profit 1 at 34.1383 (38.2% of wave 3) and Take Profit 2 at 35.3645 (61.8% of wave 3). Support point at 31.7000 point can be used as Stop Loss point. Also it is necessary to monitor the U.S. Building Permits, Housing Starts, Fed Chairman Bernanke Testifies, Crude Oil Inventories and Beige Book data that can change the rate of the pair.
Support and Resistance
(S3) 32.0857 (S2) 32.2316 (S1) 32.3217 (PP) 32.4677 (R1) 32.6136 (R2) 32.7037 (R3) 32.8497
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2250 with Stop Loss 1.2210, Take Profit 1 at 1.2326 and Take Profit 2 at 1.2363 are recommended.
