Russian Ruble – Long Term Forecast (updated)
The USD/RUB pair has been recording event after event, and it looks like it’s time for an update.
CANDLES
RUB/USD
After a bearish Q1, Ruble showed eagerness for recovery and recorded multiple strong bullish signals.
The weekly confirmed a sizeable bottom. The price is above the 50 WMA and the pair climbed over the 50 WMA line.
The 15D which formed on May 24 also confirmed a reversal and closed above the 8 EMA.
If the momentum holds for the next week, the monthly will form a strong bullish engulfing and close above the 8 EMA. It would be a long-term reversal.
ELLIOTT WAVES
I adjusted timing for the chart that was posted in August 2023. The target levels remain the same for the green count and are adjusted slightly for the blue.
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