Russia is currently in the news mostly due to the World Cup. Before that, Russia was mentioned in the political context, sanctions etc. Not very often we can read something about the local currency – ruble. Time to change that, let us show you the situation of the USD/RUB, as we do have a great technical situation here, which promotes the bullish side of the market.
On the USD/RUB, we do have a clean buy signal supported by a very reliable pattern – symmetric triangle (black lines). In the longer term, buying opportunity is additionally supported by the giant double bottom formation (yellow rectangles). On Thursday, the price broke the upper line of the triangle, which triggered a long-term buy signal. Positive outlook on this pair is additionally supported by the bounce from the green horizontal support around the 60.8. Significant thing here is that, after the breakout, the price already tested the upper line of the triangle as a support (today!).
The first target is on the highs from April but I think that we may get much higher than that. From the theory of the symmetric triangle pattern, we know, that the upswing should lead us towards the highs on the 67, which makes it a great long-term trading opportunity.
