USDRUB - Ruble from the Rubble 49.79

Apr 13, 2018

Are you worried about all the rhetoric coming out of the US about Syrian attacks and the involvement of Russia, then look no further. Last week the RUB witnessed a flash crash on the new as Donald Trump opened his mouth on it. But the market sometimes knows better. When you look at a weekly chart the flash crash looks like a sneeze. This is the USDRUB so when it goes up the RUB is falling. That point marked as wave B is the flash crash. Barely 38.2% retracement. And if there is any more noise we might just kiss the wave ii high. The rise in B is counter trend move based on Elliott wave theory and unlikely to last. The Russian Ruble crashed in 2008-2016 when the dollar was in a bull market. That is called yesterday. The dollar is in a bear market now and so is the Russian Ruble. The noise then is nothing more than....you guessed it Rhetoric. At least that is what EW charts tell us. The move up in the USDRUB will end up failing soon as it is a-b-c up and once complete we start wave C down.to major new lows. This is also logical in the context that Oil prices, the biggest export of Russia, are rising. Rising commodity prices are positive for the currency pair and any fear trade will only make the USDRUB another big short. The Syria Russia Rhetoric will blow over.